The Financial Conduct Authority (FCA) has confirmed the extension of the pause period for its review on Discretionary Commission Arrangements in Motor Finance. Following the outcome of a recent consultation (CP24/15), the end of the pause period has been confirmed for 4 December 2025, not 25 September 2024 as initially published.
The change was confirmed in a Policy Statement from the FCA, issued today (24 September). The Statement confirms the outcome of the consultation period and the planned next steps.
The FCA’s Policy Statement outlines the steps firms need to take on:
- Communication requirements
- Timeframes for final responses to relevant complaints and
- Record keeping requirements.
The BVRLA has also updated its Factsheet on the FCA’s review on Discretionary Commission Arrangements in Motor Finance in light of this information.
The complaint handling pause continues to only apply to complaints related to discretionary commission arrangements on regulated credit agreements (not personal contract hire).
Those with complaints that are not related to a discretionary commission arrangement on a regulated product should continue to handle complaints in line with CONC DISP rules.
Policy statement on the FCA website: PS24/11: Extending the temporary changes to handling rules for motor finance complaints.
Factsheet on the BVRLA website: Motor Finance Complaints.
For any questions, contact [email protected].
