FCA Motor Finance Compensation Scheme – Policy Update - If you entered into a Hire Purchase (HP) agreement for a motor vehicle after 6 April 2007, your agreement may have included a commission arrangement between the dealer or broker and the finance provider. If so, and if your agreement meets the criteria set by the Financial Conduct Authority (FCA), you may be entitled to redress. You can still make a complaint about this, but the FCA has temporarily paused lenders’ responses to motor commission complaints. Lenders are not required to respond until 31 May 2026. Read more

22nd August 2025

Update on Commissions and important information from the FCA

The Financial Conduct Authority (FCA) announced its intention to consult on a motor finance redress scheme. Following this announcement, the FCA has advised that it has received reports of scammers pretending to be from motor finance lenders contacting consumers.

The scammers will try to obtain your personal information, such as your name, date of birth, address, and bank account details. They will also falsely claim that you are owed compensation.

Please be aware that:

There is no compensation scheme in place yet.
Motor finance lenders are not yet contacting consumers about compensation.
If someone calls you claiming to offer compensation, you should hang up immediately.

You can go to the FCA website link here to find out how you can protect yourself from scams.

You can report scam calls to Ofcom for action by texting or calling 7726 (from a mobile phone) or by visiting Ofcom’s website here.