The FCA is investigating motor finance agreements taken out between 6 April 2007 and 28 January 2021 in relation to discretionary commission arrangements across the motor industry.
The FCA 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.
The FCA is due to announce its findings on 24 September 2024.
For more information on your vehicle finance, please click the link corresponding to your Finance Provider. For Three Cliffs Investments Company Ltd / Day’s Finance or if you are unsure of who provided the finance, please complete and submit the form below.
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