The Financial Conduct Authority (FCA) has updated its guidelines for handling motor finance complaints, particularly those involving non-discretionary commission arrangements (non-DCA). Key changes include:
- Extended Response Time: Firms now have until December 4, 2025, to provide final responses to non-DCA commission complaints received on or after October 26, 2024.
- Complaint Eligibility: Consumers can now make new complaints about commission, even if previously rejected for not involving a DCA.
- Record Retention: Firms must maintain records relevant to handling current or future motor finance complaints.
- Consumer Rights: Consumers have up to 15 months from the final response or until July 29, 2026, to refer complaints to the Financial Ombudsman Service.
Firms are advised to ensure adequate resources for investigating complaints and consider financial provisions for potential redress.