Case Review: Motor Finance Commission

How specialist advisors can support you through the FCA intervention in connection with historic motor finance commission arrangements

Whether or not your firm is directly subject to a s166 review initiated by the FCA in January in connection with historic discretionary commission arrangements (DCAs), if your firm is or may be affected by the issues, there are a range of very good reasons to get external advisors on board and supporting you right now.

 As with any regulatory action of this nature, there are going to be a range of direct and indirect impacts on all firms which have some exposure (which will be a significant proportion of the motor finance sector).

These may be immediate or may be longer-term. Firms should be cognisant of the risk, not only of the matters immediately in hand, but also of associated and wider regulatory scrutiny of the adequacy of their governance and compliance arrangements, particularly around complaints handling, current distribution arrangements and Consumer Duty.

You can download our briefing on how specialist advisors can help both firms directly impacted by a s166 review and those who are receiving complaints around historic motor finance DCAs, by filling in the form below.

In the coming weeks our redress and remediation consultant, Frank Brown, will be talking about the s166 process more generally.  Look out for our forthcoming communications on this!

Auxillias is a specialist legal and compliance firm focused on supporting the motor and asset finance market. We are recognised as a leading law firm in this area. We can also bring the considerable and diverse experience of our team to bear, including senior compliance and risk professionals and consultants with previous experience of carrying out s.166 reviews.

If you are reading this and think we could support you through your firm’s response, please do not hesitate to contact us – we will be happy to arrange a no-obligation scoping discussion.

If we are already supporting you, but you would like to talk to us more about any of the matters mentioned in this bulletin, we would of course be happy to help! Contact us here