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In Q2, the Financial Conduct Authority (FCA) is expected to make its policy announcement concerning the future of motor finance. With a clear focus on discretionary commission models and commission disclosure, we wanted to make sure you were prepared for upcoming changes.

By keeping things transparent and open, customers will be able to make a more informed decision. It will also help to build trust between dealers, customers and lenders which will improve the buying process for everyone.

Don’t forget, commission disclosure is not new – since the FCA started regulating consumer credit in 2014, it has been a requirement to make customers aware of the existence of commission. Customers also need to be told the amount of commission, or likely amount, should they ask.

We wanted to make sure you have all the information you need at your fingertips so that you can make sure your processes remain compliant going forward. Under current proposals, the clarifications around commission disclosure will come into force the day the FCA’s policy statement is published, expected in Quarter 2 2020.

Things to think about:          

Existence and nature of commission will need to be disclosed in all cases, including how the commission arrangement impacts the total amount the customer pays.

Commission disclosures should be prominent and you'll need to be able to show the amount or likely amount of commission if the customer requests it.

Have robust processes and controls in place to ensure you are following the regulatory requirements every time.

Commission process improvements made today will help to protect your business and people and set you up for future developments. If you’re a MotoNovo dealer, you’ll be able to find more resources in the Dealer Hub including information on the MotoClick documents.

Take a look at the latest FCA rules and what they mean here. 

In Q2, the FCA is expected to make its policy announcement concerning the future of motor finance. With a clear focus on discretionary commission models and commission disclosure, we wanted to make sure you were prepared for upcoming changes.

Commission disclosure - what's changing?

MotoNovo Finance’s exclusive Discount Shopping programme, available to all finance customers gives dealers an extra edge when it comes to helping customers to make a favourable buying decision; it can also be part of a dealers approach to ensuring every finance customer has a fair financing outcome as required by the Financial Conduct Authority (FCA).

Creating the type of fair customer outcome mandated by the FCA requires that dealers place customer needs at the heart of their business. To deliver on this, dealers must first understand their customers and what their needs are – both overall and at an individual customer level. 

To place the potential benefits of MotoNovo Discount Shopping in context, we have established the overall picture, which dealers can use to illustrate the benefits to their customers on a one-to-one level.

The £499.62 saving referenced in our headline is calculated by taking total household spend activities identified by the Office for National Statistics (ONS) and applying a 3.5% discount across the total expenditure. The 3.5% has been consciously selected to provide a modest estimate based upon the discounts available from the major supermarkets included in the many retailers which are part of the Discount Shopping portfolio.

As an interesting way of using the data, the average monthly car repayment across the UK is £226.002 per month, so a saving of £499.62; equivalent to more than two months car finance repayments. At an individual level, the customer benefit could be tailored to their monthly finance arrangement to bring the potential savings to life.

Assessing the ONS data and the savings on offer at MotoNovo Discount Shopping, an annual saving of £500 is realistic and more is available if people are buying white goods or spend more on holidays and leisure. It can be easy to overlook such options, but highlighting the genuine potential savings is a great and easy way to demonstrate customer care and could be very useful for dealers and their customers.

By Karl Werner, Deputy CEO of MotoNovo Finance

MotoNovo’s exclusive Discount Shopping programme is available to all finance customers and gives dealers an extra edge when it comes to helping customers to make a favourable buying decision. 

The £499.62 annual customer saving opportunity from MotoNovo

As part of a new series of articles and videos, we’ve been catching up with some key players in our dealer network to bring you tips, information and resources from dealerships around the UK. We’ve also updated our findandfund platform to make sure our dealers are in the spotlight, helping to break down barriers and promote a feeling of trust between the dealer and the customer.

This month, we talked to Ron Skinner & Sons; a used car dealership with showrooms all over South Wales. They have excellent customer service and a unique offering with ‘Smile Car Finance’ – an in house broker service with dedicated staff to help customers find the right solution for them.

Here’s what they had to say about finance and MotoNovo…

“We deal with MotoNovo and we go through two finance options; PCP or a hire purchase and we speak to the customer before we offer them just to gage what they need. We have a website that they can have a look at, and can even apply through it. MotoNovo also offer findandfundmycar, so they can actually go through the process with MotoNovo and then they will send us the customers details and they’ve been probably been pre-approved as well. It’s then just a case of phoning the customer to say you’ve seen the car, you’ve been approved – when do you want to come up and collect it? 

We’re very transparent, that’s Mr. Skinner’s buzzword here. We explain to them what it entails regarding the credit search and how we come to decisions. I think people are much more switched on about not using their savings and using finance instead. Customers can now apply for finance and take the car away the same day. 

The success to Ron Skinner’s is our reputation. Our customers are very happy with the way they’re dealt with. We have a lot of returning customers and many other who have been recommended to come here. We prep our cars to the highest standards; all of our cars have been serviced, valeted and come into the showroom and are all ready to drive away within an hour. If the cars have less than 6 months on the MOT they’ll get a new one.  Our collection team are here 7 days a week so that no time or day is a problem. Look after your customers, treat them fairly and do anything you can to help them.”

Visit our social media channels for more from Ron Skinner & Sons and keep an eye out for the latest issue of Drive Magazine for the full story!

As part of a new series of articles and videos, we’ve been catching up with some key players in our dealer network to bring you tips, information and resources from dealerships around the UK. This month, we talked to Ron Skinner & Sons...

Dealer Download with Ron Skinner & Sons

findandfundmycar.com closed in March 2024.

We’ve launched a whole new look and feel for findandfund! The new makeover brings improved search and functionality, puts dealers in the limelight and gives customers a better online journey. Here’s a few things you’ll notice about the new website:


Enhanced search – we’ve improved the search functionality to help customers land on the right listings for them. They will be able to refine their search better and get better results right from the start. We’ve also included enhancements like predictive text to speed up your car buying journey

Refreshed visuals and design – we’ve taken things in a more functional direction to make sure everyone understands exactly what findandfund is all about. This means more images of our dealer’s stock, their showrooms and their people. We’ll be showcasing different vehicles and dealerships each month and putting the spotlight on our trusted dealer partners

Improved layout and more accessible information – to help streamline the customer journey, we’ve removed some pages to ensure that customers can easily access all the information they need to use the site, and not get bogged down with information. We’ve concisely explained what findandfund is and how the finance element works. We’ll also be pushing out more engaging articles to help customers make the most of the platform – don’t forget to spread the word by sharing them on social media too!

These updates have been carefully researched, analysed and tested to ensure that they are driving customers in the right direction. We caught up with Senior UX Designer, Gareth Phillips, from our findandfund team to give you the low down on the makeover:

Q: What were the key drivers behind the website refresh?

We’ve learned a lot about our customers over the last two years and the industry is changing at an unprecedented pace. We’re committing to a bold and audacious User Experience and this refresh is the first step towards that. We have refreshed our design capabilities, improved our search experience and reinforced why findandfund works.

Q: What were the main focus areas of the website redesign & what’s changed?

At the heart of it is improving the quality of results from the first search. From educating our customers on what findandfund is and how it’s useful, through to important enhancements like predictive search as you type. We’ve also refreshed the visual design to help make it more accessible and intuitive.

Design wise, there are more functional images of vehicles to amplify what findandfund is all about. The branding photography of dogs and children have served us well for advertising purposes over the last two years and we now see an opportunity to move to a more functional message on the site itself. Part of this is increasing visibility of our trusted dealer partners. Our ‘dealer spotlight’ will become a regular feature around the site, making their success stories and wisdom visible to all.

A whole pile of stuff! Firstly, everything we are delivering today, will continue to be monitored and improved. We’ve also now turned our attention to the later parts of the search experience - in particular, improving the relevance of the results at every touch point. We’ll also be looking at improving the communication between customer and dealer to really build and deepen that relationship.

Stay tuned for more updates and don’t forget to follow us on social for the latest! 

We’re constantly working behind the scenes to improve the findandfund platform and we think you’ll be very excited for the latest update…

News - February 2020

Commission disclosure - what's changing?

The £499.62 annual customer saving opportunity from MotoNovo

Dealer Download with Ron Skinner & Sons

A new look and feel for findandfundmycar.com!

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