Motor Finance Commission Complaints Update
You may be aware of press coverage in relation to motor finance commission complaints. In response to this, the Financial Conduct Authority (the FCA) issued some guidance about how such complaints should be handled — see FCA Guidance on Car Finance Complaints.
The FCA are consulting on an industry-wide scheme to compensate motor finance customers — FCA consults on motor finance compensation scheme | FCA.
We will also be contacting any customers where we have sent (or have been sent) a final response related to a commission complaint in the past.
If you would like further information, please contact us on 01495 717171 or email complaints@familyfinanceltd.co.uk.
Scammers are using motor commission complaints as a way of defrauding people by pretending to be from lenders and contacting people requesting personal information including names, addresses, dates of birth, and banking information — claiming that they need this information to process redress (compensation) payments.
Note: There is no formal redress process as yet. The FCA is currently consulting on how the redress scheme for applicable cases should work.
The FCA is advising on how consumers can protect themselves from scams on its website — Click here.