The UK financial watchdog plans to consult on extending the time finance firms have to respond 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 address concerns raised by the Court of Appeal’s recent ruling,” the Financial Conduct Authority (FCA) announced this week.
Expected to publish proposals within two weeks, the FCA is aiming for a mid-December implementation of this extension, should it be adopted.
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