Johnson v Firstrand et al: what the auto finance ruling means for ALL broker-introduced business

Friday 1st November 2024 UK: 14.00 1 hour

Sponsored by

Speakers:

• John Phillipou, chair of FLA
• Jim Higginbotham, CEO, NACFB
• Wayne Gibbard, partner, Shoosmiths
• David Betteley, head of content, Asset Finance Connect

This Monday AFC have watched lenders across both regulated and unregulated sectors pause new business as they seek to understand the full implications of last Friday’s judgement on their businesses. Much remains to be clarified, although the implications are certainly wide-ranging.

By this Friday we expect the impact of the ruling will be clearer and we will hold our first post-ruling webinar then. We will update you on what you need to know. 

Understand what this judgement means; hear the latest advice from the FLA and others on what you need to do next; and get our summary of likely next steps for the industry as it seeks to respond.

• Johnson v Firstrand et al has implications for all intermediated business – so this ruling will affect all lenders using brokers not just regulated financial services.
• A summary of FLA guidance has just been made available advising you to disclose commission amount (not just the presence of commission) and how it has been calculated, along with the need to get customers’ informed consent
• Hopes of emergency rules from the FCA as FLA, SMMT, UK Finance and BVRLA seek HM Treasury assistance 

AFC will be seeking to get answers to frequently asked questions including how to deliver frustrated vehicle sales, given the need to evidence customer informed consent, and  (customer informed consent etc); how to trade through the changes to be brought about created by full commission disclosure.

Got a question? Email edwardpeck@assetfinanceconnect.com and we’ll find out for you…

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