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The FCA confirmed its motor finance consumer redress scheme on 30 March 2026. Here's what you need to know:
Who's Eligible:
- PCP or HP agreements between 6 April 2007 and 1 November 2024
- Where commission arrangements (DCA, high commission, or ties) weren't properly disclosed
Key Numbers:
- 12.1 million agreements eligible
- Average compensation: £829
- Total: £7.5 billion
Timeline:
- Scheme 2 (post-2014): Implementation by 30 June 2026, first payments November 2026
- Scheme 1 (pre-2014): Implementation by 31 August 2026, first payments January 2027
Important: The FCA explicitly states you do NOT need a claims management company or solicitor. Using one could cost you 30%+ of your payout. You can complain directly to your lender for free.
How to Check:
1. Check your credit file (Experian/Equifax/TransUnion — free)
2. Look for PCP/HP agreements from 2007-2024
3. Send a Subject Access Request to your lender
4. File a formal complaint
Source: FCA PS26/3 — https://www.fca.org.uk/publications/...redress-scheme
Who's Eligible:
- PCP or HP agreements between 6 April 2007 and 1 November 2024
- Where commission arrangements (DCA, high commission, or ties) weren't properly disclosed
Key Numbers:
- 12.1 million agreements eligible
- Average compensation: £829
- Total: £7.5 billion
Timeline:
- Scheme 2 (post-2014): Implementation by 30 June 2026, first payments November 2026
- Scheme 1 (pre-2014): Implementation by 31 August 2026, first payments January 2027
Important: The FCA explicitly states you do NOT need a claims management company or solicitor. Using one could cost you 30%+ of your payout. You can complain directly to your lender for free.
How to Check:
1. Check your credit file (Experian/Equifax/TransUnion — free)
2. Look for PCP/HP agreements from 2007-2024
3. Send a Subject Access Request to your lender
4. File a formal complaint
Source: FCA PS26/3 — https://www.fca.org.uk/publications/...redress-scheme