We’ve no vested interest in setting up a motor finance redress scheme.
What matters to us is getting fair compensation for consumers as quickly as possible and supporting a healthy motor finance market for the future.
That's what our scheme will do, and it's free for consumers to use.
Learn more about our motor finance redress scheme.
Any law firm or claims management company (CMC) involved in a potential challenge against the scheme that also has clients making motor finance claims should consider their position and that of their clients carefully.
At the very least, they should write to those clients to explain they’re involved in a challenge that’s likely to delay compensation.
They should give those clients the option of exiting the contract and strongly consider waiving any fees.
Our scheme will put £7.5bn back in people’s pockets. Some have already waited over 2 years for a response to their complaint. With pressure on household bills rising, they shouldn’t be made to wait longer.
Over 12m agreements made between 2007 and 2024 are eligible for compensation under the scheme. Our analysis shows millions of those did not involve the particularly serious misconduct identified in the case considered by the Supreme Court.
Advice for consumers
- If you’ve used a CMC authorised by the FCA, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Claims Management OmbudsmanLink is external .
- If you’ve used a law firm regulated by the Solicitors Regulation Authority, and you're unhappy with how it's handled your case or the fees it’s charged, you should complainLink is external. If you’re dissatisfied with the response, you can take your complaint to the Legal OmbudsmanLink is external.
- Our compensation scheme is free to use. Consumers do not need to use a CMC or a law firm, and those who do may lose up to 36% of any compensation. If you decide to go through the courts, this may cost you more.
- Don’t sign up to multiple CMCs or law firms to represent you. Doing so may lead to multiple fees.
- Be cautious of potential scammers who may try to contact you via cold calls, texts or emails, claiming you are owed motor finance commission compensation or offering to check eligibility.
- Report nuisance calls and texts to the Information Commissioner’s Office (ICO)Link is external.
- Report misleading advertising to the Advertising Standards Agency (ASA)Link is external.
