FCA Extends Deadlines for Motor Finance and Leasing Complaints Amid Industry Upheaval

The FCA has announced extended deadlines for motor finance and leasing complaints to ensure fair, consistent, and effective handling of consumer concerns following recent legal developments.

North Yorkshire, UK, December 23, 2024 — The Financial Conduct Authority (FCA) has confirmed an extension to the deadlines for responding to motor finance complaints, including those involving commission arrangements for both car finance and motor leasing. This move reflects the regulator’s response to the Court of Appeal’s recent landmark ruling, which has brought transparency issues within the motor finance sector into sharp focus.

Addressing Consumer Concerns

The FCA has extended the deadline for providers to respond to complaints involving both discretionary and non-discretionary commission arrangements (DCAs and non-DCAs) to after 4 December 2025. This extension ensures that providers can handle the anticipated influx of complaints in an orderly and consistent manner.

For the first time, the FCA’s extension now also applies to motor leasing agreements, broadening the scope of protections available to consumers. The regulator has highlighted the importance of fairness and efficiency in managing complaints, especially given the high volume expected in the wake of the Court of Appeal’s ruling.

Increased Accountability for Firms

The FCA has urged finance providers to use the extended deadlines to adequately resource their complaint-handling processes and prepare for potential liabilities. Firms must also ensure compliance with the Court of Appeal’s judgment, which requires full disclosure of commission payments and obtaining informed consent from customers before finalising agreements.

Nikhil Rathi, Chief Executive of the FCA, stated:
“This extension ensures that complaints are handled consistently and fairly while maintaining a competitive motor finance market that millions of people rely on. Our goal is to ensure consumers get any money they are owed in an orderly and effective way.”

PCP Claimback: Supporting Consumer Rights

Craig Gedey, spokesperson for PCP Claimback, welcomed the FCA’s announcement, stating:

“The FCA’s decision to extend the complaint-handling deadlines to include motor leasing is a significant step in addressing hidden commission practices across the industry. While these extensions give firms more time to process complaints, consumers must remain vigilant and proactive. Whether you financed or leased your vehicle, understanding your eligibility for compensation is essential. PCP Claimback is here to guide consumers through this process and ensure they secure the justice they deserve in light of these developments.”

What Should Consumers Do?

If you financed or leased a vehicle and suspect that you were not informed about commission payments, the FCA encourages you to file a complaint with your provider. Consumers should review their agreements carefully to determine if undisclosed fees or inflated costs may have occurred.

For those seeking expert guidance, PCP Claimback offers support in navigating claims processes for both car finance and leasing agreements. Visit PCP Claimback for more information on how to start your claim.

Broader Regulatory Efforts

This extension is part of the FCA’s ongoing review into historical commission practices in the motor finance and leasing sectors. The regulator is expected to outline its next steps in the DCA review in May 2025, alongside updates on non-DCA and leasing-related complaints. These developments, coupled with the pending Supreme Court appeal, underscore the FCA’s commitment to fostering a fair, transparent, and competitive motor finance market for consumers.

For more information, please refer to the contact details below.

Contact Info:
Name: Craig Geddey
Email: Send Email
Organization: PCP Claimback
Address: Suite G3 Birkbeck Office Water Street, Skipton, North Yorkshire, BD23 1PB
Phone: 0800 542 6866
Website: https://pcp-claimback.co.uk/

Release ID: 89147244

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