Article summary
The Financial Conduct Authority (FCA) has announced plans to consult on extending the timeframe for motor finance firms to handle commission-related complaints and for consumers to refer such complaints to the Financial Ombudsman Service (FOS), following Court of Appeal ruling in Hopcraft v Close Brothers Ltd, Johnson v Firstrand Bank Ltd and Wrench v Firstrand Bank Ltd that brokers (car dealers) receiving commission from lenders without customers' informed consent was unlawful. The consultation proposals are expected within two weeks, aiming to have the complaint extension in place by mid-December 2024 to prevent disorderly outcomes amidst an anticipated surge in complaints.
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