The Financial Conduct Authority (FCA) intends to pause the time for responses to motor finance complaints involving DCAs.
The original review was due to be completed by 24 September 2024.
The FCA launched on 30 July 2024 a consultation on extending the temporary changes to handling rules for motor finance complaints, with responses due by 28 August 2024. A final policy statement will be released by 24 September 2024.
The FCA intends to extend the pause to 4 December 2025 with the next steps update on its review by May 2025. It states the reasons for the proposed extension are:
Allowing more time for Lenders to provide the data or its review; and
The outcome of the Clydesdale Financial Services Limited trading as Barclays Partner Finance judicial review of the Financial Ombudsman's decision in favour of two Consumers in January 2024.
For further information, the FCA announcement can be found by clicking the link below:
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