The Financial Conduct Authority (FCA) has announced a significant delay in its timeline for deciding on potential mis-selling of car finance through Discretionary Commission Arrangements.
Initially, the FCA planned to make a decision by September 2024, but this has now been pushed back to May 2025.
Additionally, any redress scheme implementation could extend the resolution timeline to December 2025.
Here’s what you need to know about this development and how it may affect you.
Key Points from the FCA’s Announcement
- Timeline for Consultation: By May 2025, the FCA is expected to begin consulting on a potential redress scheme. This consultation will play a key role in shaping any formal action that follows.
- Court Case Influence: The consultation period will likely coincide with a pivotal court case, which could significantly impact the FCA’s final decision.
- Potential Redress Scheme: The extended timeline to December 2025 allows for thorough consultation and preparation before any redress scheme is implemented.
While the delay will no doubt feel frustrating for consumers awaiting resolution, the FCA is committed to a detailed and fair review. Despite opposition from finance companies, the FCA is still seriously considering a decision in favour of consumers. This measured approach aims to establish a robust and enforceable resolution process that will withstand legal scrutiny.
For those clients who have already submitted a mis-sold motor finance claim, we understand that this news may be disappointing, especially if you’ve been waiting for a resolution to your claim.
At Bott and Co, we remain fully committed to advocating for your rights while keeping you informed throughout this process. While the timeline has shifted, it’s worth noting that the FCA’s consideration of consumer interests remains at the forefront.
As we move closer to May 2025, we anticipate further updates from the FCA, particularly regarding the consultation process and its implications for affected consumers.
Rest assured, Bott and Co will continue to monitor these developments closely and take every step necessary to secure the best possible outcome for you.
Here’s What You Can Do:
- Stay Updated: Bott and Co will continue monitoring the FCA’s actions and share relevant updates with you.
- Reach Out with Questions: If you have any concerns or questions about your case, don’t hesitate to contact our team.
Thank you for your patience and trust in Bott and Co. Together, we’ll work towards achieving the resolution you deserve.
Haven’t started your claim yet? Just add a few details to our mis sold car finance claims checker. We’ll find your car finance agreements and tell you if you can claim and how much you might receive. We’ll guide you through the process of recovering what you’re entitled to.