Martin Lewis has announced that a major investigation into whether people overpaid on their car finance loans has been extended to next year, as the UK’s financial watchdog said it could decide to set up a scheme to compensate those affected. The Financial Conduct Authority said it was giving motor finance companies more time to respond to customer complaints.
Martin also said that the FCA’s announcement “indicates there's a chance that in May it will launch a consultation on a redress scheme”. “Most important thing people can do is log their complaint ASAP, so that if there is a time bar, hopefully there's less chance of it being ruled out of time.” Top Money Stories Today On Tuesday, the watchdog said it was assessing thousands of records spanning 14 years and explained that the extension is due to delays in receiving the data it needs to conduct the investigation thoroughly.
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