On the 25th of October 2024, the Court of Appeal handed down its judgment in the cases of Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited and Hopcraft v Close Brothers.

In response to the Judgment, Evolution Funding carried out a full review of how to ensure compliance with the new ruling for its dealers, lenders and customers.

This led to changes in Evolution’s processes and systems to create an enhanced commission disclosure consent journey. The updated journey addresses the heightened need for full transparency regarding informed consent, commission disclosures and additional duties.

Evolution has produced a guide that provides a summary of the key takeaways, how they are responding to support dealers’ businesses, and key actions dealers may need to consider.

N.B. This guide does not provide legal advice. If you are in any doubt about your obligations, you should seek legal advice, and this guide is provided purely for information and guidance.