UK car finance firms to have more time to handle commission complaints
( November 13, 2024, 09:33 GMT | Official Statement) -- MLex Summary: UK car finance firms will see a consultation within two weeks on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved. If taken forward, the complaint extension would be in place by mid-December 2024, the Financial Conduct Authority said today. The decision follows the landmark judgment in the UK Court of Appeal that sided with consumers and ruled that commissions paid to brokers from lenders are unlawful, without obtaining the customer’s informed consent. Statement follows....
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