DCA (Discretionary Commission Arrangement) Support
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. The FCA announced on the 24 September 2024 that firms are not required to issue a final response until 4 December 2025.
- Under this updated guidance, consumers will now have until 29 July 2026 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 25 September 2024.
To find out more information about the FCA motor commission review, visit their website.
If you wish to make a compliant either for DCA or anything else then please visit our dedicated complaints page.