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UK car finance industry consulted on deadline extension for resolving commission complaints

( November 21, 2024, 09:44 GMT | Official Statement) -- MLex Summary: The UK car finance industry has been asked for feedback on two options for extending the time they have to provide final responses to complaints over non-discretionary commission arrangements. The Financial Conduct Authority said the deadline could either be May 31, 2025, by which time the Supreme Court is expected to have decided whether or not to hear an appeal against a ruling that it was illegal for dealers to receive commissions without the customers informed consent, or December 2025, to align with current rules for car finance firms handling discretionary commission complaints. Responses are due by Dec. 5.Statement below, consultation attached. ...

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