The Financial Conduct Authority has been under pressure to take action after an appeal court ruling last month found it was unlawful for two lenders to have paid commission to car dealers without borrowers' knowledge. Some lenders have been flooded with complaints, including from claims management companies and claims law firms, as consumers look to see whether they could be in line for a slice of a compensation bill that the rating agency Moody's suggests could balloon to £30bn.
The FCA is proposing to ease the pressure by scrapping an eight-week deadline for lenders to respond to complaints. It suggests an extension to 31 May or 4 December next year.
This story is from the November 22, 2024 edition of The Guardian.
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This story is from the November 22, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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