UK to End Pause on Handling Car Loan Complaints on May 31

The UK’s Financial Conduct Authority has said it will allow firms to restart processing of some car loan complaints from May 31, part of a push by the regulator to move forward with an estimated £11 billion ($14.6 billion) compensation program for consumers.

The watchdog said in a statement Wednesday that the timeline, advanced by two months from an earlier suggested deadline of July 31, paves the way for implementing a compensation program while giving firms a reasonable period to prepare. The regulator had announced a pause to the process in January 2024 in a bid to prevent disorderly and inefficient outcomes for consumers.