Almost a third of motor retailers are unaware of the looming January 28 ban on on all discretionary commission (DiC) models in motor finance.
The Financial Conduct Authorities (FCA) Motor Finance Review has finally arrived. The eagerly awaited and long overdue investigation into auto finance has revealed what many in the industry had predicted.
Finance companies may be required to fully disclose the commissioned paid to dealers and brokers, following the FCA’s review of motor finance.
There are many areas of motor retail that can be subject to VAT risk and failing to apply the right VAT treatment can lead to assessments for underpaid VAT and the threat of penalties and interest.
Dealers need to tackle the issue of sales commissions and incentives following the pending Financial Conduct Authority (FCA) investigation, dealers will be advised at this year’s AM F&I Compliance Conference next week.
