Regulatory Alerts2026-03-27
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PS26/3: Motor finance consumer redress scheme
The document introduces an industry-wide redress scheme to compensate motor finance customers treated unfairly between 2007 and 2024, with £7.5 billion allocated for claims. Firms must comply with all non-suspended rules, while parts of the scheme were suspended by the Upper Tribunal on 2 July 2026. Implementation deadlines are set for 30 June 2026 for loans from 1 April 2014 and 31 August 2026 for earlier agreements.
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