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UK car-finance brokers set to lose interest rate-linked commission

( October 15, 2019, 08:45 GMT | Official Statement) -- MLex Summary: Car-finance brokers in the UK may be prevented from receiving commission linked to the interest rate that customers pay, after the Financial Conduct Authority today proposed doing away with this incentive. The FCA says in a consultation paper that the broker can set the rate, and the use of this commission creates an incentive for brokers to act against customers’ interests. Its prevention could save car-finance customers 165 million pounds a year, the FCA has estimated. The consultation closes on Jan. 15, 2020.Full statement follows...

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