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8 February 20242 minute read

Impact of the FCA Review of DIC Arrangements in Motor Finance

8 February 2024

The recent FCA announcement on temporary rules for handling complaints related to Discretionary Interest Commission (DIC) arrangements in motor finance has drawn significant industry attention. Reports suggest potential payouts exceeding GBP1 billion, aligning with evolving case-law and FOS decisions favoring complainants.

DIC arrangements, under FCA scrutiny for years, were outright banned in January 2021. Subsequently, consumer complaints seeking redress surged, with around 4,500 submitted and 10,000 more anticipated. The industry is concerned about a potential PPI-like scandal, given increased FOS referrals, court litigation, and the ongoing s166 review.

Tony Katz, Stewart Plant, Leontia McArdle, Jeremy Sher, and David Ampaw hosted this webinar and delved into key topics, such as tactics for handling ‘unfair relationship’ complaints, responding to FOS decisions, navigating new complaint deadlines, s166 review strategies, redress calculation, and the outlook for PCP financial claims.

Speakers