Comprehensive briefing on commission disclosure and the historic review of motor finance agreements to take place at the AFC Conference UK on 6th June.

The long-anticipated project to mandate commission disclosure as part of the Finance & Leasing Association (FLA) code of conduct is not now going ahead. In a private note to members, the FLA has indicated that they will rely instead on the regulator who they expect will consider enforcing disclosure through regulation. An update about Financial Conduct Authority (FCA) intentions is expected later this year.

The apparent last minute change in direction has caught some asset finance lenders off-guard. Some have reported frustration with the change in direction. Other mainly auto finance providers seem more upbeat, for the time being at least, reflecting remaining diversity of views on the topic among the wider membership.

The FLA did not comment on the specific reasons for the change. What is more clear is that they see this as a variation in the intended route to full disclosure, and not a change in the final destination.

At the AFC Conference UK on 6th June Asset Finance Connect will be assessing the value of any move to mandate commission disclosure whether by the FLA or the FCA. We will also assess whether it is likely to achieve its effect. And we will now also consider whether ceding control on mandating commission disclosure to the FCA will make any difference.

As part of the wider auto finance coverage at the event, AFC will also be bringing lenders up-to-date with the latest developments in the FCA review of historic motor finance contracts. And all attendees will be invited to participate in our annual debate taking place in the afternoon plenary where the whole conference will consider the motion “This house believes that commission disclosure should be mandated”.

Regulatory coverage will be in association with Shoosmiths, Asset Finance Connect’s legal advisors.

A full analysis of the issues around commission disclosure will be published on the AFC website prior to the conference.

Visit the AFC UK Conference Summer 2024 website at https://afcconferenceuk.com/assetfinanceconnect2024/en/page/home for more details and to book your tickets.

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