PCP Claimback Releases Update on FCA Car Finance Investigation and Extended Deadlines

PCP Claimback, a website operated by claims management company, Investor Compensation, has just released an update from the Financial Conduct Authority regarding their car finance investigation, revolving around a deadline extension for involved car finance providers and affected consumers.

North Yorkshire, England, United Kingdom – August 5, 2024 —

The FCA has announced that the investigation has encountered delays due to the time required to obtain necessary data from car finance providers. Additionally, a legal challenge has been raised against a decision by the Financial Ombudsman regarding a car finance complaint, which has further impacted the timeline. As a result, the FCA has decided to extend the deadline for car finance providers to respond to complaints.

New Timeline and Next Steps:

• Initial Deadline Extension: The original deadline for car finance providers to respond to complaints was September 2024. However, due to the complexities of the investigation, this deadline has been pushed back to December 4, 2025. This extension allows the FCA more time to thoroughly analyze the data, assess the outcome of the ongoing legal case, and decide on the appropriate method for handling complaints.
• Future Announcements: The FCA plans to set out its findings and proposed next steps in May 2025. This will include whether firms should continue handling complaints as usual or if a different approach will be implemented.

Important Information for Affected Consumers:

• Your Right to Complain: Consumers who used car finance before January 28, 2021, may still be eligible to file a complaint. It is crucial to be aware of the time limits for submitting complaints.
• Ongoing Complaints: If you have already lodged a complaint regarding a Debt Collection Agency (DCA) on or after November 17, 2023, and have not received a final response, your provider will not be required to send a final response until after December 4, 2025. Those dissatisfied with a final response and who have escalated their complaint to the Financial Ombudsman Service should stay informed on how these cases are being managed.

Craig Gedey, spokesperson for PCP Claimback, commented on the FCA’s update: “We understand that this extension and the ongoing investigation create uncertainty for many customers. Our priority remains to support those affected and ensure that any compensation owed is delivered promptly. We appreciate the FCA’s thoroughness in this complex matter and encourage all customers who believe they have been overcharged to come forward with their complaints.”

PCP Claimback remains dedicated to advocating for car finance customers’ rights and will continue to provide updates as more information becomes available. For further details on how to check your eligibility and file a complaint, please visit our website or contact our support team.

Media Contact:

PCP Claimback
Craig Gedey, Spokesperson
https://pcp-claimback.co.uk/
Email: Craig.gedey@mfgroup.co.uk
Number: 0800 083 0167
Address: Suite G3 Birkbeck Office Water Street Skipton North Yorkshire BD23 1PB

For more information on the FCA’s investigation and your rights as a consumer, please visit https://pcp-claimback.co.uk/

This press release aims to inform and reassure consumers during this period of regulatory review and investigation. We will keep you updated with any further developments.

Contact Info:
Name: Craig Gedey
Email: Send Email
Organization: PCP Claimback
Address: Suite G3 Birkbeck Office Water Street Skipton North Yorkshire BD23 1PB
Phone: 0800 083 0167
Website: https://pcp-claimback.co.uk/

Release ID: 89137576

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