The Finance & Leasing Association (FLA) has published a new briefing that aims to help lenders and their associates implement the Guidance for Credit Brokers and Intermediaries from the Office of Fair Trading (OFT).
The briefing is aimed at finance providers who use intermediaries such as motor dealers, high street retailers and credit brokers, and is also designed to be useful to the intermediaries themselves.
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The guidance explained in the briefing is on issues such as transparency in credit advertising and disclosing the presence of commission.
The briefing comes after Martin Wheately, chief executive of the Financial Services Authority (FSA) soon to become the Financial Conduct Authority (FCA) told the Today programme of his determination to end the incentivisation of bad performancehe saw in commission-based selling.
The FCA is set to not only replace the FSA but expected to subsume some parts of credit regulation currently held by the OFT.
Besides the briefing, the FLA has also welcomed SAF approval of the 2,000th dealership in the UK as car finance comes under the enhanced scrutiny of the FSA.
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By GlobalDatarichard.brown@vrlfinancialnews.com
