The Financial Conduct Authority said today it will publish its approach on the motor finance redress scheme when markets close on Monday 24 March.
It has arrived at this point following a consultation. It has said it believes a compensation scheme is the best way to ensure consumers who have lost out receive compensation in an orderly, consistent and efficient way.
It will also help maintain a well-functioning motor finance market for the millions of people that rely on it.
“We will set out our approach on motor finance redress shortly after markets close on Monday 30 March, having consulted on a compensation scheme in October 2025,” it said today.
Earlier this month it set out some details on how it intended to streamline the consumer journey and make it smoother for firms to operate. This included introducing an implementation period.
In late 2025 the National Franchised Dealers Association (NFDA) launched a new division to provide dealers with advice on finance and take them through the Financial Conduct Authority motor finance redress scheme.
NFDA Business Solutions, to provide members with support and guidance finance and Insurance (F&I) plus compliance.
It will support with FCA compliance in relation to the upcoming redress scheme following the Supreme Court ruling on motor finance, which NFDA was heavily involved in.
