FCA Investigation into Car Finance: September 2024 Update

The Financial Conduct Authority (FCA) continues its investigation into historical discretionary commission arrangements (DCAs) in the motor finance market. This update for September 2024 outlines the current status and what consumers can expect next.

Key Takeaways from the Update:

• The FCA is still gathering data from lenders and brokers.
• The pause on the 8-week deadline for firms to provide a final response to DCA complaints remains in effect until at least 25th September 2024.
• The FCA aims to communicate its next steps and findings by the end of Q3 2024.

Consumers who believe they were affected by unfair commission structures are encouraged to await further guidance from the FCA before taking extensive action, though they can still log a complaint with their lender or broker. Claimsquid is closely monitoring the situation and will provide updates as they become available.

What This Means for You

If you had a car finance agreement before January 28, 2021, you might be affected. It's crucial to stay informed. Our platform allows you to check your potential eligibility, and we can guide you once the FCA provides a clearer path forward for compensation claims.

Disclaimer: This information is for general guidance only and does not constitute financial advice.