On 11 January 2024, FCA announced a review into whether motor finance customers have been overcharged because of the past use of DCAs

This pause of reviewing PCP mis-sold complaints by the motor finance lenders will take place from the 11th January 2024 until the 25th September 2024 and will allow for the FCA to decide whether redress should be provided through complaints or an alternative approach. The period for referring complaints to the FOS has been extended from 6 months to 15 months.

For the FCA announcement, please click the link below:

https://www.fca.org.uk/news/statements/fca-undertake-work-motor-finance-market