Martin Lewis - Anyone had a discretionary commission arrangement

[Emmav2020]

Hi, just that really.

I completed the form on the martin lewis website to see if i had any discretionary commission arrangement for finance i took out on a few cars from 2014 - 2024.

I have received 2 letters to say i have.

Just wondering if anyone else has and how much they received?

Thanks x

Nobody will have been paid out for it yet I don't think - it'll be next year before anyone will learn amounts (if anything - there's a chance, albeit very small, that they won't get ordered to pay anything). It's still being investigated by the regulator so sit tight til next year - it's good that they've confirmed it with you, at least you know you're in the queue to get paid when it all gets sorted.

Yes - I completed the form too and received confirmation that my finance arrangement was affected by this.

From the Martin Lewis website:
"On 11 January 2024, the FCA launched a major investigation into this. To announce such a public wide-scale investigation, it will already have substantial evidence. What it's doing now is building that at a firm-by-firm level using its heightened investigatory powers.

I think it likely that, when the investigation completes (currently planned to be May 2025), the FCA will set up some type of mass-scale redress scheme – though there's a small chance it'll change its mind and say this is a damp squib.

When the FCA announced that it was delaying its decision on car finance mis-selling from September 2024 to May 2025, I spoke to Sheldon Mills from the FCA, who told me: 'It is too early to say whether any redress intervention will be necessary, but based on our work so far, it is more likely than when we started our review'."

@McBuckers @housemaus thanks guys. I did read about may 2025, I just thought they were paying at the moment and it had been extended until next year. Yes I received 2 letter saying I was affected. Im already spending the money in my head already and i dont even know how much ill be getting haha

Ha ha @Emmav2020 - me too!