Car finance DCA and Fixed Commission update

Markdavid1962

Well just had an update on three of my DCA submissions and wondered if anyone else has had an update as its been quiet for a while due to the consultation period so was a little surprised at the below. I did submit these requests along time ago.

Has anyone else had any communication, these three updates all came from the same Finance company

Vehicle 1
After checking our records, we can confirm that we did pay scaled discretionary commission to the retailer. We'll treat your email as your complaint, unless otherwise advised by you. We normally have eight weeks to send you a final response however, the pause introduced by the Financial Conduct Authority (FCA) means the period starting on 17 November 2023 and ending on (and including) 31 May 2026 is not counted when calculating this eight week period.

Vehicle 2
After checking our records, we can confirm that we did pay fixed commission to the retailer. We'll treat your email as your complaint, unless otherwise advised by you. We normally have eight weeks to send you a final response however, the pause introduced by the Financial Conduct Authority (FCA) means the period starting on 17 November 2023 and ending on (and including) 31 May 2026 is not counted when calculating this eight week period.

Vehicle 3
After checking our records, we can confirm that we did pay fixed commission to the retailer. We'll treat your email as your complaint, unless otherwise advised by you. We normally have eight weeks to send you a final response however, the pause introduced by the Financial Conduct Authority (FCA) means the period starting on 17 November 2023 and ending on (and including) 31 May 2026 is not counted when calculating this eight week period.

dunstonh

The FCA scheme is under consultation, with the final rules expected to be published in the coming months to start processing after 31 May.

SDLT_Geek

https://www.fca.org.uk/publications/policy-statements/ps26-3-motor-finance-consumer-redress-scheme

Heavenhelpme

I have had two agreements with Toyota Finiancial Services, 2018 and 2020. I submitted a claim for DCA on both of them. I received a reply in July 2024 telling me that neither one was the subject of a discretionary commission.They added that they considered the enquiry and the matter closed. Do I now make another enquiry?

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/81980229#Comment_81980229

Why would you make another enquiry when they have told you that the deals did not have DCA?

If there was anything else amiss then they will contact you per the FCA guidance

Heavenhelpme

I have done some more research and found that last year two more new mis-selling catergories were added which will affect abut 4 million agreements. MSE advices to put in another complaint.