Transparency in commissions
Brokers are now required to obtain informed consent from consumers before receiving any commissions from lenders. This mandates clear communication regarding commission amounts and how they are calculated.
New compliance requirements
Organisations will need to adjust their processes to meet these transparency standards, enhancing consumer trust in the industry.
Changes in broker-lender dynamics
The ruling will likely alter how brokers and lenders interact, emphasising the importance of clear disclosures and communication.
Empowering consumers
This decision puts consumers in a stronger position by ensuring they receive all necessary information to make informed financial decisions, thereby minimising the risk of unexpected costs.
The potential for claims
The ruling may lead to compensation claims against brokers and lenders who previously failed to disclose commission details, highlighting the need for improved practices.
Wider industry effects
While focused on car finance, this ruling sets a precedent that could affect commission structures across the broader financial services sector, increasing scrutiny on similar arrangements.
Voyc is here to support you in navigating these three key areas:
1. Commission Oversight
The recent ruling has cast a spotlight on commission structures, bringing them into sharp focus. While many details are still evolving, one thing is certain; transparency in commission management is no longer optional.
At Voyc, we’re dedicated to ensuring your peace of mind during this transition. Our tailor-made solutions are being thoughtfully configured into robust commission analysis tools designed to align your processes with the latest standards. We’re committed to providing you with clear, data-backed insights to navigate this complex landscape confidently.
Together, we can safeguard your compliance while unlocking new revenue opportunities as the rules change, ensuring you feel secure every step of the way. You’re not alone in this journey; we’re here to support you and help you thrive in this new environment.
2. Boosting Revenue with Warranty Sales:
In uncertain times, growth is more important than ever. We recognise that many agents may inadvertently overlook valuable cross-selling opportunities, potentially leaving revenue on the table.
To assist you in capturing these opportunities, we’ve developed user-friendly scorecards and specialised reporting tools tailored to your needs. Our alerting system can notify you when warranties aren’t offered, ensuring that no potential sale slips through the cracks.
We’re here to empower your agents to confidently explore new sales avenues while enhancing customer satisfaction through value-added services. Together, we can transform these challenges into opportunities for growth, ensuring your business not only survives but thrives.
3. Combatting Fraud:
Recent months have shown a spike in fraud attempts, impacting businesses and consumers alike. Voyc is dedicated to staying ahead of these threats. We’re actively developing long-term solutions to improve customer verification.
Ready to Execute?
We’re here to help you adapt to these changes. After months of refining these tools and resources, we’re ready to implement strategies that drive your success. Schedule a session with us to walk you through how we can support you.