FCA variable commission announcement

The FCA on the 11^th Jan announced that they intended to look at how motor finance firms implemented a ban, originally introduced in 2021, on discretionary (variable) commission levels paid to brokers.

Moneybarn, the motor finance brand of Vanquis Banking Group has only ever paid fixed commission to brokers, and never discretionary (variable) commission, as they felt it was the most appropriate model – simple and fair, for brokers and customers alike.