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Motor finance firm Oodle Financial Services has set aside £12.8m to deal with the FCA redress scheme.
The move was announced in results filed at Companies House this month for the year to June 2025.
It said the only element of the redress scheme that applied to it was the “high commission” arrangement element.
These are agreements where a commission was equivalent to 10% or more of the amount lent and 35% or more of the total cost of credit was paid.
The monies relate to Oodle start up in October 2016 to November 2024.
“Based on the Proposed redress Scheme as we understand it today, we estimate the total cost of paying redress payments will be £9.5m and the total cost for administering the scheme will be £3.3m.
“A total provision of £12.8m has been included in these financial statements and is report as a separate line in the income statement and a separate provision on the balance sheet.
“It is currently expected that redress payments to customers will be made during 2026 and 2027, it said.
Oodle is one of a raft of finance houses that have set aside redress payments. In October last year Barclays announced it had increased the amount it has set aside for the motor finance redress scheme.
It said following the publication of the UK Financial Conduct Authority’s (FCA) consultation paper on the proposed Motor Finance redress scheme it has reassessed its provision for this matter as of 30 September 2025.
Barclays and Clydesdale Financial Services has previously set aside £90m for the scheme, based on the information available at the time.
Taking account of the proposals set out in the consultation paper, Barclays has increased the provision recognised by Barclays and CFSL from £90m to £325m, it said in a statement accompanying its Q3 accounts.
