Renault’s UK motor finance arm (RCI Financial Services) has set aside £219.2m for the motor finance redress scheme proposed by the Financial Conduct Authority.
The company is a wholly owned subsidiary of RCI Bank UK, which is owned by RCI Banque SA.
RCI Banque SA is a subsidiary of Renault SA and has traded globally under the Mobilize Financial Services brand since 2022.
The move by RCI Financial Services was announced in accounts filed this month at Companies House.
RCI is the latest carmaker finance arm to announced increases to the amounts set aside for redress. Others include Ford, Stellantis and Volkswagen.
“In line with the requirements of IAS37, the company’s provision has increased to £219m as at 31 December 2025 (2024: £73.6m) as a result of a charge to the statement of Profit or Loss of £150m, offset by administration costs of £4m,”it said.
“The increased provision reflects the increased likelihood of a higher number of scheme cases (i.e. discretionary commission arrangements, or high commission arrangements) being eligible for redress, including those dating back to 2007 and the likelihood of a higher level of redress than anticipated in the previous scenario-based provision.
“The provision represents the Company’s current best estimate of the expected cost of redress, based on the information available at the reporting date.
“There remain uncertainties in relation to customer participation rates, operational delivery costs and potential legal or regulatory developments. Accordingly, the ultimate cost of redress may differ from the amount provided.”
