Important update
    Motor finance commissions arrangements

    The Supreme Court has handed down its judgment in relation to the appeal regarding the motor finance commissions arrangements. Close Brothers is considering the judgment – any updates will be made available on our website. We continue to operate as normal and understand the importance of keeping our customers informed.

    What's the difference between commission disclosure, and discretionary commission arrangements (DCAs)?

    Commission disclosure: We need to disclose, in a clear and obvious manner, the existence of commission, the nature of commission, and the amount of commission a dealership/broker will receive, from the sale of a vehicle.

     


    Discretionary Commissions Arrangement (DCA): The ability to adjust the interest rate offered to customers, with higher interest rates resulting in higher commissions paid to a dealer/broker. In 2021 we ceased operating with DCAs, in-line with the FCA ban.

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