Alex Buttle, director of car selling comparison website Motorway.co.uk, said: “The FCA’s decision to crackdown on how dealers make commission from car finance is timely." He added: “Some unscrupulous car dealers have been incentivised to pressure-sell car finance products which they know offer expensive rates that do not match the best deals available." Overall, the FCA said the changes would save customers £165 million a year. "By banning this type of commission, we believe we will see increased competition in the market which will ultimately save customers money." It comes after issuing a warning to the sector in March to clean up its act amid concerns over the commission charged on car finance plans for new cars.

Source: Daily Mirror October 15, 2019 12:00 UTC