UK to stop car dealers tapping commission from loans

Britain’s markets watchdog has proposed banning car dealers and brokers from receiving commission linked to interest rates on loans, a step it said would save consumers £165m (€188m) annually.

UK to stop car dealers tapping commission from loans
Wed, 16 Oct, 2019 - 07:15
Reuters

By Huw Jones

Britain’s markets watchdog has proposed banning car dealers and brokers from receiving commission linked to interest rates on loans, a step it said would save consumers £165m (€188m) annually. The Financial Conduct Authority (FCA) said some motor finance brokers receive commission linked to the interest rate that customers pay.

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CourtsPlace: UKPlace: BritainPerson: Adrian DallyPerson: Christopher WoolardPerson: Sarah NieldOrganisation: Financial Conduct AuthorityOrganisation: FCAOrganisation: Finance & Leasing AssociationOrganisation: FLAOrganisation: National Franchised Dealers AssociationOrganisation: PwCOrganisation: Reuters
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