Claims handling FCA is in the spotlight once again.
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If you’ve been keeping an eye on the car finance mis-selling investigation, here’s an important update. The Financial Conduct Authority (FCA) has announced a delay in their investigation findings – we’re now looking at May 2025 instead of September 2024. But this might actually be a good sign.
What’s the Delay About?
The FCA needs more time to analyse the data they’ve collected and to consider the impact of a legal challenge by Barclays. This extra time will allow them to thoroughly review everything and ensure they get it right.
Martin Lewis, the founder of MoneySavingExpert.com, has shared his thoughts on the delay. He mentioned that while it’s disappointing, it might also mean the FCA is leaning towards ruling in favour of the consumers, after claims handling failures and safety. So, there’s still hope for those waiting for justice and compensation.
Martin Lewis Speaks Out
The postponement gives the FCA time to potentially launch a consultation on a redress scheme by May 2025, with a final decision on how firms should handle complaints expected by December 2025. Potentially a positive indication that payouts could be on the horizon, after claims of complaint procedure failures.
The Investigation Timeline
Here’s a recap of what’s happened so far:
- January 2021: FCA bans discretionary commission agreements (DCAs).
- January 2024: FCA launches a major investigation into the practice.
- September 2024: Original deadline for the FCA’s findings (now pushed to May 2025).
The delay is partly because firms have struggled to provide the necessary data and also due to Barclays’ legal challenge, which could significantly impact the FCA’s next steps.
How Can I Claim?
If you have been subject to mis-sold car finance, and are eligible to claim, you can begin the process of making a claim. My Car Finance Claim offers a stress free way to claim. Simply complete our simple 3-step form here.
If eligible, you will have direct access to experts in the field of mis-sold car finance. Let us help you win back the compensation you deserve.