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Questions about a Commission Arrangement

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If you have a query relating to a commission arrangement associated with your agreement, please click here for further information

COMMISSION ARRANGEMENT COMPLAINTS

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 below form:

PCP & PML Customers                       Contract Hire Customers

FREQUENTLY ASKED QUESTIONS

  • What is a Discretionary Commission Arrangement?

    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.

  • How do I know if a DCA was applicable to my agreement?

    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.

  • Will I receive compensation?

    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.

  • I am having difficulties completing the form, how else can I get in contact?

    If you are having difficulties completing the form please click here to see how you can get in contact.

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