FLA publishes supplementary briefing on OFT guidance for credit brokers and intermediaries

As their press release said (back in September, when it happened):

A supplementary briefing designed to help lenders and their associates implement the Office of Fair Trading's (OFT) Guidance for Credit Brokers and Intermediaries has been published today by the Finance & Leasing Association (FLA). 

The briefing – which is designed for lenders who use intermediaries such as motor dealers, high street retailers and credit brokers – aims to assist companies in complying with the OFT’s Guidance on issues like transparency in credit advertising and disclosing the presence of commission.

The FLA has consulted finance companies, the OFT, and the National Franchised Dealers’ Association (NFDA), in developing the briefing. 

Paul Harrison, Head of Motor Finance at the FLA, said:

“The OFT’s Guidance sets out its expectations of intermediaries, including motor dealerships, when they offer credit to borrowers and so it is essential reading for all credit brokers and intermediaries. We have developed this supplementary and non-binding FLA briefing to help lenders work with their business associates to ensure compliance.”

You can download a copy here.

PS: the NFDA has also produced guidance on the topic, which is available to RMI members only. There is an information pack and also a tool kit, both tailored for the motor industry and available in web and print formats. Both demonstrate how to detect conflicts of interest when providing financial products to customers and what to information disclose about commission.