Credit, collections & insolvency news
The Financial Conduct Authority (FCA) is extending its investigation into the motor finance market, saying it will set out the next steps of its review into discretionary commission arrangements (DCAs) in May 2025, rather than this September.
The regulator said that firms involved in our review have engaged with us constructively, but many have struggled to supply the data we need within the requested time.” The FCA is looking into motor finance commission arrangements between 2007 and 2021, with the regulator looking to ensure consumers are receiving appropriate settlements when misconduct occurs.
The FCA’s next steps could involve consulting on a redress scheme. This is why we intend to take the precautionary step of pausing complaint handling until 4 December 2025, as it may take until then to confirm how firms would implement it. Or it could involve asking firms to start dealing with complaints again as usual, in which case we would consult on ending the pause earlier.
