FCA motor finance consultation on hold
18 March 2020
The Financial Conduct Authority has put its investigation and consultation into motor finance commission models on hold until at least October due to the Covid-19 outbreak. 
In a statement by the FCA it said: “The FCA has decided to extend the closure dates for the following published consultation papers and calls for input until 1 October 2020. We will provide updates at an appropriate point.”
The move comes as part of a wider move to delay a host of publications and consultation papers that were due in the first half of this year to ease pressures during the Covid-19 outbreak.
The FCA motor finance consultation was looking into “plans to ban commission models that give motor finance brokers/dealers an incentive to raise customers’ interest rates”.
It was also consulting on minor changes to some “rules and guidance to ensure that many types of credit broker give consumers more relevant information about commission”.
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