FOS can’t look into my complaint as >6 years, can I go to MCOL?

dunstonh

Nasqueron said:

lee19855 said:

One more question, since my mis-selling complaint is out of time against FCA 6 year time limits. 

There is a new FCA scandal regarding secret commissions on HP or PCP contracts pre 2021 - I’m sure you have heard about it. I’ve seen it on Martin Lewis etc. Would this still be subject to the 6 year time limit I.E because I took out agreement in 2016 is this down the same rabbit hole? Or, because this is a recently advertised issue and the FCA guidance is recent, am I within the 6 years here? Can anyone advise - this is my only alternative.

The issue isn't "secret" commission - sellers are perfectly allowed to get commission for arranging finance, the issue is that there is a suspicion some sellers were giving people higher APR than they would qualify for in order to get more commission. There is no evidence it affects all sales or even a minority or majority - once the FCA is done, there will be a clearer picture. It is very likely most people won't be affected and people are already getting their hopes up of a pay day from perfectly legal sales

Indeed, the FCA review will likely find it that it was a relatively small number of finance companies that allowed it.  Although the volume overall may be quite high.    This is why many in the industry believe that those finance companies responsible will be told to be pro-active and deal with it rather than require people to complain to find out.   However until the FCA completes the review, we are all in the dark.   Plus, never underestimate the ability of the regulator to do the unexpected.