Big car finance compensation update as drivers get deadline for replies to complaints

A BIG car finance compensation update has been issued this morning.

The Financial Conduct Authority (FCA) has written to firms today to remind them they should be progressing with complaints.

Motor finance leasing complaints have been paused since January 2024, but firms have been told today they must resume with queries from December 5.

But the watchdog said it extended the complaints pause for all other relevant motor finance DCA and non-DCA commission complaints until May 31 2026.

It said this timeframe enables the FCA to “finalise and begin implementing any compensation scheme, while giving firms a reasonable period to prepare”.

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