If your complaint was referred to the FOS before the redress scheme began and the investigation has already concluded, it will not be eligible for the redress scheme. This is the case whether you received compensation as a result of your complaint or not. However, if the FOS decided your complaint was outside its jurisdiction, […]
If your case has already been decided by a court, it won’t be eligible to be part of the redress scheme. If your case is ongoing and the court hasn’t made a decision, you and your legal representative will need to decide whether you want to continue with the legal proceedings. If you decide not […]
Generally, no. The redress scheme doesn’t cover agreements involving: However, you may be eligible for the redress scheme if: You can check your original loan agreement to confirm the amount you borrowed.
You may still be eligible if you were a UK resident at the time of entering into the agreement, even if you no longer live in the UK. You can make a complaint about your motor finance agreement by contacting our Commissions Complaints team at [email protected].
The Financial Conduct Authority (FCA) has defined motor vehicles as mechanically propelled vehicles intended or adapted for use on public roads. This means that some vehicles aren’t included. For example, towed caravans or jet skis are not included in the redress scheme.
Yes. Compensation won’t be paid under the redress scheme if: Please also see the question above “Who is eligible for the redress scheme?”, which outlines further situations in which you will not be eligible for compensation under the redress scheme.
A tied arrangement is a contractual arrangement where the broker must either:
A high commission arrangement is where the commission was: These thresholds were set by the Financial Conduct Authority (FCA).
A discretionary commission arrangement is an arrangement between the lender and the broker that (a) permitted the broker to decide or negotiate your interest rate (or any associated fee) and (b) paid the broker a higher or lower commission depending on the interest rate (or fee) charged to you.