Complaints Guide - Moneyway - Flipbook - Page 1
Important: Complaints about Discretionary Commission in Motor Finance
The Financial Conduct Authority (FCA) has announced a review of discretionary commission arrangements in the motor finance industry, due to the number of complaints and court
claims in this area and to ensure good customer outcomes.
You can see more information on the FCA’s website at https://www.fca.org.uk/carfinance.
What has changed?
On 11 January 2024, the FCA paused the 8-week deadline for motor finance firms to provide a final response to relevant customer complaints.
The pause only applies to complaints about motor finance agreements with a discretionary commission arrangement between the motor finance lender and the broker (‘relevant
complaints’). It will last for 37 weeks (approximately 9 months).
We will apply this pause to new relevant complaints we receive, up to and including 25 September 2024.
What does this mean?
If you submit a relevant complaint to us, we have 8 weeks, beginning on 26 September 2024, to provide you with our final response.
If we cannot provide our final response within this timeframe, we will let you know when we expect to respond and inform you of your right to refer the complaints to the Financial
Ombudsman Service (FOS).
You can still submit your complaint to us, whether this is about commission or any other matter. You will receive an acknowledgement and confirmation of the timescales that apply.
What else is changing?
The FCA has amended the deadline for referring relevant complaints to the Financial Ombudsman Service (FOS). You will have 15 months, rather than the usual 6 months, to refer your
complaint to FOS, where we send you our final response up to and including 20 November 2024.
Other than in respect of the above changes, our complaints procedures will continue to apply as published on our websites.
If Secure Trust Bank and your broker did not have a discretionary commission arrangement. In that case, the above changes do not apply, and we will handle your complaint within the
usual timescales set out in our procedures.
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