In light of the recent Court of Appeal decision, lenders and brokers now have additional obligations around disclosure of the existence, nature and amount of commission,  and to obtain the consumer’s informed consent to the payment of commission. These obligations lie with lenders, brokers and retailers, and from the discussions we have held with many of the lenders that we work with, we know that many lenders are already changing their processes to ensure they can comply with these new obligations.

As a marketplace, we have a role to play in helping to make the car buying journey, including finance, as transparent as possible for consumers. In light of these rulings, we have released an updated finance hub to provide as much information to consumers as possible. We are increasing the prominence of commission information to consumers on retailers’ adverts on our platform and through the finance calculator and Deal Builder journeys. This clearly informs buyers of the existence and nature of commission and signposts that the retailer or broker will provide further information, including the amount and will obtain the required consent at the relevant point in the journey.

We understand that this is a challenging situation for all our partners and rest assured we are working hard to support the industry. If you missed it, you can catch up on our webinar here, and find the latest updates on our blog.