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Discretionary Commission Arrangements (DCA)
On the 11 January 2024, the Financial Conduct Authority (FCA) announced their intention to review historical motor finance discretionary commission arrangements across the motor finance industry. This applies to customers who used certain types of car finance to buy a car before 28th January 2021 AND a discretionary commission arrangement (DCA) was in place between the lender and the broker.
As part of this review, the FCA has confirmed:
- They are pausing the 8 week deadline for lenders to respond to complaints about DCA. This means if you make a complaint, whilst we will acknowledge receipt, we will not have to respond to your complaint until after 25th September 2024, at the earliest.
- This pause will enable the FCA to undertake a full review and confirm what, if any, further action is necessary.
- Usually customers have to take their complaint to the Financial Ombudsman within 6 months of receiving a final response from their lender. For complaints relating to DCAs that are covered by the FCA pause rules, the FCA are extending this to 15 months if a final response by your lender was issued between 12th July 2023 and 20th November 2024.
To find out more information about the FCA motor commission review, visit their website
