Members can now access a FAQ page that provides clarity on the FCA’s Motor Finance Review into Commissions. Last week, it was confirmed that the Authority had introduced a 37-week pause on the usual rules applying to the handling of complaints relating to PCP and HP agreements with DCAs in place.
This pause will take place from the 11 January until 25 September 2024 and will allow for the FCA to decide whether redress should be provided through complaints or an alternative approach.
The BVRLA’s guidance page Motor Finance Complaints FAQ addresses some of the questions members may receive from customers who are concerned if the FCA changes apply to agreements they have taken out. Brokers may also be concerned if the FCA update applies to the products they offer. The page contains a link to an FCA webinar on the subject and links to relevant FCA resources.
Any questions can be directed to [email protected].
