Overview
- The FCA moved the consultation deadline to 12 December to take more feedback before finalising a compensation plan designed to be simple to use without claims firms.
- MoneySavingExpert’s complaints tool has been used more than 3.3 million times and now includes Contractual Ties and Unfairly High Commissions as well as discretionary commission cases.
- Submitting a DIY complaint now can place consumers in a processing queue that lenders must acknowledge, which Martin Lewis says could bring payments up to eight months sooner.
- The consultation scope spans PCP and hire purchase deals from 6 April 2007 to 1 November 2024, with FCA estimates of roughly 14 million affected agreements and average payouts around £700.
- The All-Party Parliamentary Group on Fair Banking says the plan underpays versus potential court awards, while Lewis reassures that raising a complaint will not jeopardise current finance contracts.