Martin Lewis has posted an update that he says could help anyone with car finance make a complaint, doubling the number eligible to apply for potential pay outs. The consumer champion is urging people who have had any kind of car finance deal to consider He posted: "Minutes ago, the regulator, The FCA, announced it's consulting for two weeks (so quick, it's a likely done deal) on extending the time firms have to handle motor finance commission complaints. This is on the back of a Court of Appeal ruling a couple of weeks ago.
He then added: "While not specified in its announcement, I've had it confirmed this applies to ALL car finance commission complaints, not just the Discretionary Commission Arrangements (DCAs) complaints previously covered." This could mean that in future, the FCA could look more widely in its car finance investigation, not simply at the 40 per cent of past claims that had DCAs (where dealers could increase their commission by increasing interest) but all commissions including fixed commissions. Recommended reading: The banks that'll give you up to £200 to switch this Christmas Savings accounts: best and worst for savings interest Car insurance warning as mistakes could cost you thousands This follows the Court of Appeal ruling, which said: "Consumers need to know all material facts including the amount of commission".
Mr Lewis added: "It looks like (I need to dig) if the hold is extended, almost everyone who has had car finance deals may have a complaint.