The Financial Conduct Authority (FCA) has now closed its consultation relating to temporary changes to handling rules for motor finance complaints. It will determine what is deemed in scope of the freeze.
Failure for PCH to be included creates a risk of contagion into the rental and leasing sector, which would lead to high levels of claims for members to process. This factor formed a key aspect of the association’s formal response to the consultation.
Senior representatives from the FCA appeared before the Treasury Select Committee earlier today (Tuesday 10 December). The session discussed the work of the authority after some MPs have raised the issue of motor finance commissions in the Houses of Parliament.
The BVRLA will continue to be engaged in the process and maintain regular contact with the FCA and other trade associations. A response to the consultation is expected from the FCA by 19 December.
The BVRLA remains committed to providing further information, resources and support to help guide members. If you have any questions, share them via [email protected].
