If you bought a car before January 2021 using a car finance scheme, you could be owed compensation following an investigation carried out by the Financial Conduct Authority (FCA).
Before January 2021, lenders allowed brokers to adjust interest rates offered to drivers taking out PCP (personal contract purchase) and HP (hire purchase) car finance deals. This meant that brokers were able to charge higher interest rates, and in return would receive more commission. This was known as a discretionary commission arrangement (DCA).
