-- Today, the Financial Conduct Authority (FCA) confirmed that the deadline for providers to respond to car finance complaints involving Discretionary Commission Arrangements (DCA) has been extended until at least December 4, 2025.
This extension follows the FCA’s announcement on July 30, 2024, regarding its ongoing investigation into whether some customers were overcharged on their car finance loans. The FCA aims to ensure that if compensation is due, customers will receive it efficiently and fairly.
Key Updates:
- Extended Complaint Deadline: The FCA has confirmed that car finance providers will now have until at least December 4, 2025, to respond to DCA-related complaints. This extension is in place to allow the FCA time to complete its investigation and to assess whether a new approach for handling these complaints is needed.
- Future Consultation: If the FCA decides that firms should return to handling complaints through the regular process, they will seek public feedback on whether to end the current pause in complaint handling before December 2025.
What This Means for Consumers:
- Right to Complain: Although the deadline for providers to respond to complaints has been extended, customers can still file complaints. It’s crucial for anyone who financed a car before January 28, 2021, to check their eligibility to lodge a complaint and ensure they meet the time limits.
- Ongoing Complaints:
- If you’ve submitted a DCA complaint on or after November 17, 2023, your provider is not required to issue a final response until after December 4, 2025, unless the FCA ends the pause earlier.
- For those who have already received a final response and are dissatisfied, complaints referred to the Financial Ombudsman Service will be handled under the current rules.
Craig Gedey, spokesperson for PCP Claimback, commented:
“We understand that the extended deadline may create uncertainty for customers. However, this move allows the FCA to conduct a thorough investigation and ensures that any potential compensation will be handled appropriately. We encourage anyone affected to remain proactive in submitting their complaints and to reach out for support if needed. Our priority is to advocate for fair treatment and ensure customers are compensated where appropriate.”
PCP Claimback remains committed to ensuring fair treatment for car finance customers and facilitating the compensation process where applicable.
About PCP Claimback
PCP-Claimback is a trading style of Investor Compensation (UK) Ltd and is authorised and regulated by the Financial Conduct Authority (FRN: 830890). Investor Compensation is a claims management company.
For more information on the FCA’s ongoing investigation, please visit [PCP Claimback Website/FCA website link].
Contact Info:
Name: Craig Gedey
Email: Send Email
Organization: PCP Claimback
Website: https://pcp-claimback.co.uk/
Release ID: 89142560
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