The Financial Conduct Authority has extended the deadline for motor finance 12 December following representations from dealers and consumer bodies.
In an updated statement it said today: “We’ve heard feedback – from lenders and some consumer and dealer representatives – that analysis of the extensive market wide data will take time, as will ensuring everything is in place so any scheme runs smoothly.
“We’re therefore extending the consultation deadline until 5pm on 12 December. We continue to welcome and encourage responses before then, including on those consultation questions that may take respondents less time to answer.
“We still expect to publish final rules in early 2026. That will now be either February or March.”
The NFDA, led by CEO Sue Robinson (pictured) welcomed the move. “Following sustained engagement with the FCA, the National Franchised Dealers Association (NFDA) was instrumental in securing this extension to allow for additional time to assess the complex implications of the proposed scheme.
“Since the consultation launched on 7 October, NFDA has worked closely with the FCA and its members to ensure franchised dealers’ perspectives are fully represented. The proposed scheme, which follows the recent Supreme Court judgment confirming lender liabilities, has significant implications for the entire motor retail sector.
“NFDA will continue to engage constructively with the FCA and external stakeholders to help shape a fair, proportionate and practical outcome for both consumers and dealers. The extension provides a vital opportunity for the industry to submit robust, evidence-based feedback that reflects the realities of the market.”
