Done & Dusted - let's restart the dividend party1 Aug 2025 21:12
This is from the VANQ May trading update. Looks like VANQ has little to be concerned about and the BOD's view has been upheld. The commission issue has now been smoked, Vanquis did not participate in DCAs.
The spurious claims from CMC referrals will disappear and it will be VANQ due compensation from the CMC !
Uncertainly is over so let's rerate to £and get the dividend party started.
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Motor Finance commission disclosures
The Supreme Court appeal outcome with respect to the judgment regarding motor finance commission disclosure practices is not expected before July 2025, with no further update at this time.
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.
and
“We welcome the revised Financial Ombudsman Service (FOS) fee structure implemented on 1 April, which has led to a reduction in unmerited Claims Management Company (CMC) complaint referrals to the FOS since its introduction.
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