30th March 2026
FCA PS26/3 published
~November 2026*
Scheme 2 deadline
12.1 million
Eligible agreements
£829
Average payout
What Just Happened
Here's what happened, in plain English.
When you took out PCP or Hire Purchase car finance, the dealership acted as a middleman between you and a finance company. That's normal. What wasn't normal, and what the Supreme Court confirmed could make finance agreements unfair under the Consumer Credit Act 1974, is what happened behind the scenes.
Many dealers had something called a Discretionary Commission Arrangement with the lender. It meant the dealer could increase your interest rate above what the lender actually required, and the higher they pushed your rate, the more commission they earned. You paid more. They pocketed the difference. Nobody told you.
This wasn't a few bad actors. It was industry-wide. The FCA estimates 12.1 million agreements were affected between 2007 and 2024.
On 30th March 2026, the FCA published PS26/3, a confirmed, mandatory compensation scheme. Not a review. Not a consultation. A scheme. Lenders are required to assess whether you were treated unfairly and pay redress if you were.
The total pot is £7.5 billion. The average payout is £829 per agreement. If you had more than one finance deal in that period, each one is assessed separately.
This is the biggest consumer redress scheme since PPI. And unlike PPI, you don't need to pay anyone to access it.
Do I Qualify?
Most people with car finance from this period are eligible. Here are the key criteria.
You had PCP, HP, or conditional sale car finance
Your agreement was between 2007 and 2024
A discretionary commission arrangement (DCA) was used by the dealer
You haven't already settled a claim for the same agreement
Still not sure? That's completely normal. Here are the most common questions people ask at this point.
“I don't have my paperwork.”
You don't need it. Your lender is legally required to hold records of your agreement. You can also submit a Subject Access Request to get the full details, including any commission information. Frank can draft that letter for you.
“My deal was years ago, is it too late?”
Probably not. The scheme covers agreements from 6th April 2007 onwards. The FCA has said it does not expect lenders to routinely reject cases as out of time, given how poor disclosure was across the industry. If your agreement is from before April 2014, it falls under Scheme 1. If it's from April 2014 onwards, it's Scheme 2. Both are live.
“I got a zero percent deal.”
Zero-APR agreements are excluded, if you weren't charged interest, the arrangement is considered fair under the scheme.
“What if I've already complained?”
Good news, you're in the faster queue. Lenders must respond to existing complainants within three months of the scheme going live. People who haven't complained yet will wait longer.
“What if the dealership has closed?”
The claim goes to the lender, the finance company, not the dealership. Names like Black Horse, MotoNovo, Close Brothers, Santander Consumer Finance, or Alphera. The dealership closing doesn't affect your claim.
“I had more than one car on finance.”
Each agreement is assessed separately. If you had three PCP deals between 2007 and 2024, you could have three separate claims.
The fastest way to find out where you stand is to talk to Frank. Describe your situation, and Frank will assess your eligibility against the FCA's published criteria, completely free.
Why You Don't Need a CMC
Claims management companies charge 25 to 30% of your payout. The FCA designed this scheme so you can claim directly. Here's how the options compare.
← Swipe to compare options →
CMC Claims company | MSE Tool Free email generator | ★ Recommended EvenStance Full lifecycle, free | DIY On your own | |
|---|---|---|---|---|
| Cost | 25 to 30% (approx £250) | £0 | £0 | £0 |
| First letter | Template | Template email | AI-drafted, cites law | You write it |
| After you send | You wait | You're on your own | Deadline tracking + rebuttals | You're on your own |
| If rejected | They handle (slowly) | Nothing | Frank drafts rebuttal | Trial and error |
| FOS escalation | They handle | Nothing | Frank guides you | You figure it out |
| You keep | £580 to £620 | £829 | £829 | £829 |
What to Do Right Now
The scheme has been delayed to approximately November 2026 due to legal challenges. Complaining now puts you first in the queue. Here's what to do.
Check If You Qualify
Answer a few quick questions about your car finance. Frank will tell you instantly whether the FCA scheme covers your agreement.
Gather Your Evidence
Frank tells you exactly what documents you need: your finance agreement, any correspondence, and settlement figures. We'll help you request what you're missing.
Submit Your Claim
Frank will generate your claim forms citing the exact FCA rules and draft your submission letter. The scheme start has been delayed to approximately November 2026 due to legal challenges, but complaining now puts you first in the queue. You review and send.
Get Your Money
The lender must respond within the scheme's timeframe. If they reject or lowball you, Frank guides you through the appeal process. You keep every penny.
I Won My Own PCP Case
I didn't build EvenStance because I spotted a gap in the market. I built it because I was the gap in the market, a consumer who needed help that didn't exist.
My own fight with Mercedes-Benz Financial Services taught me everything I know about how motor finance companies operate. The delays. The template rejections. The departmental ping-pong designed to make you give up. I didn't give up. I got the agreement unwound. The Financial Ombudsman described my evidence as “detailed, plausible and persuasive.”
But that case nearly broke me. It took months of my life, hundreds of hours, and more stress than any consumer should have to endure just to get a fair outcome. I thought: what about the people who don't have twenty-five years of professional experience to draw on? What about the people who give up at the first rejection letter?
I've fought 8 companies across 8 industries, motor finance, insurance, property, telecoms, consumer goods, and won every time. Not because I shouted louder. Because I got organised. Frank is built from that experience.
And yes, I'm checking my own PCP agreements for hidden commission under this scheme too. I'm doing exactly what you're about to do, using the same tools. That's not a marketing line. It's the truth.
The FCA has confirmed that millions of consumers were treated unfairly. You don't need a solicitor to put that right. You don't need a claims company taking a third of your money. You need the right information, the right letter, and someone in your corner who knows how this works.
That's what Frank is for.
Dan Warrener
Founder, EvenStance