Ombudsman News 188

The financial services regulator, the Financial Conduct Authority (FCA), has recently announced it will be assessing the car finance market to make sure that if consumers suffered a loss due to poor practices, they are compensated fairly.

While the FCA conducts its review, it has introduced temporary complaint-handling rules for certain car finance complaints where discretionary commission arrangements were in place.

If you’re a consumer or consumer adviser looking for information about how to make a new complaint, you can find out more about what’s been announced, how we can help and our general approach to resolving complaints in our information for consumers.

If you’re a business handling a complaint about car finance commission, our online guidance highlights information about the FCA’s temporary complaint-handling rules, what we look at when complaints are referred to us and our approach to resolving the complaints we see.

We’re consulting on our budget and funding for next year, including the amount of our case fee and how we’ll ensure continued value for money.

Our key goal this year has been to increase the pace with which we resolve complaints, while maintaining the quality of our service. We recognise we still have more work to do and the feedback we receive to our consultation will help us to do this.

The consultation closes on 30 January 2024, so there’s still time to send us your response. Find out more on our website.