Last year, the FCA announced the the ban on discretionary commission models and new requirements around commission disclosure. As a result, the FCA are committed to carrying out point-of-sale mystery shopping exercises to measure lenders’ control over dealer networks and ensure compliance.
Given this enhanced scrutiny, all motor finance lenders should consider their obligations and whether they're doing enough to ensure compliance with FCA rules, particularly on assessing creditworthiness.
At PPL, we can assist firms who require FCA permissions to carry out consumer credit in various ways, ensuring their regulatory health and compliance delivers good outcomes for the consumer. We are big enough to support corporate clients with risk and compliance oversight, but small enough to care.
Get in touch today.