December 2024

Making a complaint Any consumers concerned that they weren’t told about commission and may have paid too much for their car finance, should complain.    We have also confirmed that consumers will have until the later of 29 July 2026 or 15 months from the date of their final response letter from the firm, to refer a […]

Summary The FCA have released their latest guidance on complaints handling rules for motor finance complaints, below is on overview of PS24/18. Why the Changes?New Rules in January 2024: Introduced for handling complaints involving discretionary commission arrangements (DCA) between lenders and brokers.Court of Appeal Ruling in October 2024: Declared it illegal for brokers to receive

The Financial Conduct Authority (FCA) has issued a statement regarding the Supreme Court’s decision to hear an appeal on three motor finance cases involving Close Brothers and FirstRand Bank. The FCA is considering whether to formally intervene in the case to share its expertise. They have also proposed extending the time firms have to respond

The FCA have published its letter to the Supreme Court regarding FirstRand Bank and Close Brothers permission to appeal, here are the key points. Context and Importance: The FCA regulates consumer credit, including motor finance. The appeal concerns significant legal issues related to bribery and fiduciary duties in the motor finance sector. Market Impact: The

In the fast-paced world of financial services, staying compliant with FCA (Financial Conduct Authority) regulations isn’t just a necessity—it’s the foundation for building trust and ensuring long-term success. Navigating these complex regulations can feel daunting, but that’s where My Compliance comes in. Specializing in FCA compliance consultancy and training, My Compliance is your trusted partner