Lloyds suspends commission payments after ‘seismic’ ruling

[Tindersticks]

I know this is related to the ongoing FCA investigation into commission payments, but I'm surprised this hasn't got more coverage:

https://www.theguardian.com/business/2024/oct/30/l...

The numbers are potentially vast, and the scope wider than just cars.

[NS66]

If the motor industry isnt suffering enough currently!! this will have major implications to many dealerships and brokers so will have to watch this space.

[FourGears]

They are all at it.

Had notifications from manufactuters that finance commission won't be paid.

[Gericho]

Good I am glad this is finally happening about two decades too late. There was at time when a car wouldn't be sold to a customer UNLESS they took out finance just so they could make more commission. Sales is always sleazy.

[sparkyhx]

never ceases to amaze me that the financially gullible and naive get compensation for not doing the legwork.

It's like going into Currys and complaining that the item you bought is cheaper in Argos and demanding compensation.

[mmm-five]

sparkyhx said:

never ceases to amaze me that the financially gullible and naive get compensation for not doing the legwork.

It never ceases to amaze me that some of the posters on here can't read and digest a newspaper article.

sparkyhx said:

It's like going into Currys and complaining that the item you bought is cheaper in Argos and demanding compensation.

No it's not.

Here's another article for you to ignore.
https://www.ft.com/content/444c1dac-4e7e-4480-b920...

To summarise, it's not about people moaning that there was commission paid, it's about the salesman not declaring (even when asked) that the APR rate was negotiable, and that they would get a higher 'discretionary' commission payment based on a higher APR they fooled a customer into taking.

[TriumphStag3.0V8]

Gericho said:

Good I am glad this is finally happening about two decades too late. There was at time when a car wouldn't be sold to a customer UNLESS they took out finance just so they could make more commission. Sales is always sleazy.

About 15 years ago - I bought a car from a large car supermarket on the outskirts of London and this was the case - if you wanted to pay for the car other than finance - i.e. a bank transfer, there was a £250 fee - which they admitted was to cover their loss of commission. I looked at the terms of the finance and then because I am bloody minded about such things, bought the car on finance and drove it home. As soon as I got home, I settled the finance. Yes, it was petty but I didn't like being told I could not buy the thing I wanted to buy at the price it was advertised with money that I had readily available.....also would have liked to see their faces when their commission was rejected.

[KAgantua]

[mmm-five]

KAgantua said:

Are you looking for compensation for the RSI it gave you?