Discretionary commission arrangements

rumourmill

I have submitted request to various credit brokers after MSE investigations into discretionary commission arrangement (DCA’s).

 One of the companies I wrote to back in July , still haven’t reverted to my initial mail and I have chased them again.

 Out of the blue this weekend I received a cheque , not for a large amount offering payment for a deferred agreement in COVID , and an overchargment in calculations plus an interest rebate..

I was wondering if this had anything to do with my request on DCA’s from them

 Reading the letter I believe this to be a separate issue , but do not want to accept or cash the cheque if this leaves my DCA’s null and void

 Please could I have opinions and guidance on what to do in these circumstances , and has this happened to others?

born_again

DCA is not even going to get looked at till the end of next year by FCA.
So take the case, as clearly it relates to something else.

dunstonh

I was wondering if this had anything to do with my request on DCA’s from them

No.   

Reading the letter I believe this to be a separate issue , but do not want to accept or cash the cheque if this leaves my DCA’s null and void

It is separate.

DullGreyGuy

rumourmill said:

I have submitted request to various credit brokers after MSE investigations into discretionary commission arrangement (DCA’s).

MSE hasn't investigated anything, The FCA first investigated it in 2019 which lead to a ban in 2021. Inevitably it being banned has lead people to query if it is bad gong forward why want it bad before. The FOS saw a spike in complaints, almost doubling, and the FCA announced its second investigation in January. 

born_again said:

DCA is not even going to get looked at till the end of next year by FCA.

The FCA is already looking at it, and will publish their report in May 2025, the clock on complaints has been frozen until 4 December 2025 after which they'll have 8 weeks to respond so effectively the end of Jan 2026. This assumes the current timetable is maintained but with both a Barclays Judicial Review and cases going to the Court of Appeal (and potentially then up to the Supreme Court) there is plenty of speculation that it will get pushed further back