Motor Finance Commission update from the FOS - May 2024

The Financial Ombudsman (FOS) has reached out to firms to verify their strategies for addressing complaints related to motor finance commission and their expectations from firms with complaints lodged with FOS.

Currently, FOS has approximately 20,000 unresolved complaints linked to motor finance commission. Its primary goal is to ensure that every legitimate complainant receives fair compensation. It aims to offer clear and well-reasoned responses promptly, regardless of the final decision.

This approach will help complainants gain a better understanding of their situation, assist firms in improving their handling of similar complaints, and provide third-party representatives with the necessary information to make informed decisions about the complaints they bring to financial institutions and the Ombudsman.

The FOS has made significant progress in addressing numerous complaints, and since the beginning of the year there have been notable changes in the motor finance commissions complaints landscape. 

To find out more, download our briefing by clicking here:

Should you need any support or resources in dealing with complaints or putting together appropriate responses, please contact us to schedule a no-obligation 30 minute chat.