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FCA extends motor finance complaint response deadline amidst ongoing legal developments

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Published on: 19 December 2024

Published by LNB News

LNB News 19/12/2024

Document Information

Issue Date: 19 December 2024

Published Date: 19 December 2024

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has issued a policy statement PS24/18 on new rules in the Dispute Resolution: Complaints (DISP) sourcebook, specifically addressing motor finance complaints that do not involve discretionary commission arrangements (non-DCAs). The FCA has extended the time firms have to respond to complaints regarding non-DCAs. The extension, now set for 4 December 2025, comes in light of the Court of Appeal’s judgment in the cases of Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd, and Hopcraft v Close Brothers Ltd.

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