(Image: PA Wire/PA Images)

The nation's financial regulator has announced that motor finance companies must begin addressing complaints two months sooner than initially outlined, as it puts the finishing touches to a compensation programme for victims of the mis-selling scandal.

The Financial Conduct Authority (FCA) will be removing a hold on the processing of certain motor finance complaints on May 31, bringing forward the previously suggested July 31 cut-off date. While firms should already be examining complaints, they have not been required to issue responses since the FCA implemented the pause in January 2024.

This measure was designed to avoid confusion and inconsistency whilst the regulator developed proposals for a sector-wide compensation arrangement. The FCA said: "It is l

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