Important Information About The New Changes Announced By The FCA
On the 11 January 2024 the Financial Conduct Authority (FCA) announced their intention to review historical motor finance discretionary commission arrangements across the motor finance industry.
As a part of this, the FCA has confirmed:
- They are pausing the 8-week deadline for motor finance firms to provide a final response to relevant customer complaints. The pause will apply to complaints about motor finance agreements where there was a discretionary commission arrangement between the lender and the broker and will last for 37 weeks (approximately 9 months).
- Consumers will have up to 15 months to refer their complaint to the Financial Ombudsman, rather than the usual 6 months. This extension applies to complaints where the firm sent a final response in the period beginning with 12 July 2023 and ending with 10 January 2024, or where the firm sends a final response during the period beginning with 11 January 2024 and ending with 20 November 2024.
To find out more information about the FCA motor commission review, visit their website.
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