Commission Arrangements
29 October 2024 Update
On 25 October 2024 the Court of Appeal issued a judgment which goes beyond the scope of the current Financial Conduct Authority (“FCA”) motor commission review. Whether the Judgment applies to commission types outside of the FCA’s motor finance review into discretionary commission arrangements (“DCA”) is not yet clear. While the Judgment is likely to extend the current period of uncertainty for customers, lenders and dealers alike, we are seeking clarity with the FCA and will update this page with any new information. This does not impact your ability to raise a complaint at any time, should you wish to do so.
COMPLAINTS ABOUT A DISCRETIONARY COMMISSION ARRANGEMENT (DCA)
As Genesis Finance was incorporated after the FCA’s ban on discretionary commission, our customers are not affected by the FCA’s review on the use of historic Discretionary Commission Arrangements.
To find out more about this subject and the action being taken by the FCA please click here.
TO MAKE A COMPLAINT
To make a complaint to us in relation to a commission arrangement, please complete the form on the below link.
FREQUENTLY ASKED QUESTIONS
The FCA have defined a discretionary commission arrangement (“DCA”) as a commission arrangement in which lenders allowed brokers (the person that arranges the loan, for example, your car retailer) to adjust the interest rates they offered customers for car finance. Typically, the higher the interest rate, the more commission the broker received.
If you submit a complaint to us, we’ll investigate your complaint in line with our complaints handling process. As part of this, we will assess whether a DCA was in use when you took out your agreement. If a DCA was in use, we won’t issue you with a final response yet as a result of the pause requested by the FCA on complaints handling
.
If a DCA was not in use, we’ll handle your complaint in line with our normal process.
The FCA is undertaking a review of the industry to understand whether there has been a widespread failure to comply with relevant requirements, resulting in financial loss or harm to consumers. Until they have completed their work and finalised their review, they are not able to say whether this is the case or not.
You will receive a final response from 25 September 2024 in line with the FCA pause whilst they complete their review.
You can refer your complaint to the Financial Ombudsman Service (“FOS”) within 15 months of having received your final response (if you have an eligible DCA complaint).
No, personal contract hire agreements don’t fall within scope of the FCA review and are not impacted.
Please contact our dedicated team.
| Account Management Fees | Empty |
|---|---|
| Copy statement of account | £12.00 |
| Change of payment due date* | £25.00 |
| Change of vehicle registration plate | £30.00 |
| Collection of vehicle upon voluntary termination of agreement | £70.00 |
| Transfer of agreement fee** | £150.00 |
| Arrears Management Fees | Empty |
|---|---|
| Monthly arrears fee*** | £35.00 |
| Internal collection agent visit | £50.00 |
| External collection agent visit | £250.00 |
* One change of payment due date is allowable free of charge any time during the agreement.
** Only applicable for agreements not regulated by the Consumer Credit Act, i.e. transfers from one limited company to another limited company.
*** When your payment is made late and for every subsequent month that your agreement remains in arrears, limited to 3 in any single defaulting period. The charges detailed within this document are correct as at 30th July 2014. Genesis Finance reserves the right to amend these fees at any time.