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City watchdog extends motor finance complaints deadline to next December

12 0
thursday

The extension follows a landmark Court of Appeal ruling in October.

Lenders have been told by the City watchdog they now have until December 4 next year to respond to borrowers complaining about motor finance deals with hidden commission payments.

The Financial Conduct Authority (FCA) said it follows a London Court of Appeal ruling in October that it was unlawful for car dealers to receive commission on motor finance from lenders without a customer’s informed consent.

It said the extension regarding non-discretionary commission payments was in line with the extension it provided for complaints involving discretionary commission agreements.

The FCA said: “Firms who provide motor finance are likely to receive a high volume of complaints in........

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