FLA comment on the FCA’s announcement to ban discretionary commissions in the motor finance market from January 2021

Commenting on the FCA’s announcement that it will introduce a ban on discretionary commission models on 28 January 2021, Adrian Dally, Head of Motor Finance at the FLA said: “This is a welcome announcement from the FCA as it provides clarity for the industry. We are also pleased that the regulator accepted our point about the need to monitor the consumer hire market as the ban on discretionary commissions does not extend to personal contract hire agreements.”