Motor finance reform – Calling all asset finance Members

Your Association needs you

Dear Member, 

Whilst the NACFB welcomes the regulator’s efforts to reform the motor finance market following the consultation of October 2019, we believe that the steps being implemented do not address the control motor dealers have over consumer choice and will inevitably remove their competition, adversely affecting the consumer.

Last week, the NACFB held a constructive virtual meeting with the Head of Supervision from the FCA Motor Finance division. During the meeting we vehemently voiced our concerns with the regulator around the potential impact of their plans to remove discretionary commissions without addressing the blatant competition issues borne out of the control that dealers have over their customer’s choice. 

Whilst the Association has been encouraged that the FCA acknowledged that dealers were refusing to invoice lenders where they were not receiving commission, we have been disappointed to witness the apparent inertia of the regulator due to insufficient numbers of customer complaints on the matter.

As your Association, we are now calling on all Asset Finance brokers to share with us every example you hold of dealers refusing to invoice where the customer has rejected the dealers finance offer. If possible, I would ask that you can engage with the dealers and share with us emails stating that this is their policy. 

At this watershed moment, I implore you all to step forward and share with us as much information on this matter as you can. It cannot be understated that only by working together can we hope to show the regulator that the problem here lies not with commissions, but with the control that dealers have over consumer choice. Please provide any examples you can via email to

I thank each and every one of you in advance for your support and look forward to hearing from you. 

Kind regards,

Norman Chambers
Managing Director

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