RE: First Quarter Trading14 May 2025 08:47
Motor Finance commission disclosures
Vanquis believes its position is materially different from the cases subject to the ruling, with all customers signing a pre-contractual document confirming a commission will be paid.
The judgment relates to dealer broker commissions. Only c.10% of Vanquis' Vehicle Finance commission payments between January 2013 and October 2024 were made to dealer brokers, representing £23m in commissions.
In accordance with IAS 37, the Group has not made a provision for this matter but has recognised a contingent liability.
As previously stated, Vanquis is not subject to the FCA's ongoing Motor Commission Review, which is focused on Discretionary Commission Arrangements (DCAs). Vanquis did not participate in DCAs.