The UK financial watchdog plans to seek the advice of on extending the time finance firms have to reply to consumer complaints involving non-discretionary commissions and granting consumers more time to escalate these complaints to the Financial Ombudsman Service.
“We’re acting swiftly to deal with concerns raised by the Court of Appeal’s recent ruling,” the Financial Conduct Authority (FCA) announced this week.
Expected to publish proposals inside two weeks, the FCA is aiming for a mid-December implementation of this extension, should it’s adopted.
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