On Monday, after 5pm, the Financial Conduct Authority (FCA) will publish the final decisions on the long-awaited programme on Monday afternoon.
Drivers face £700 car finance scandal decision on Monday March 30 at 5pm
Drivers will be issued a major update on Monday March 30 2026 as drivers are owed £700 payouts after the car finance scandal. On Monday, after 5pm, the Financial Conduct Authority (FCA) will publish the final decisions on the long-awaited programme on Monday afternoon.
Under the latest proposals, the scheme will cover car finance agreements taken out between April 6, 2007, and November 1, 2024. The FCA estimated that around 14 million deals, or 44 per cent of all those made since 2007, were unfair and therefore eligible for compensation.
Craig Tebbutt, a financial health expert for Equifax UK, said: “It has previously been estimated that average compensation levels could be in the region of £700 per agreement, but the final details around the scale, scope and timelines are expected to be confirmed on Monday. However, there is nothing to stop consumers checking their paperwork now and getting their details ready in the meantime.”
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He stated that research conducted by the credit reporting firm revealed that “many consumers don’t know how to check their eligibility and expect the process to be a hassle, with old or missing paperwork being a real barrier”.
The Financial Conduct Authority (FCA) has proposed ‘mass redress’, with approximately £8billion set aside in compensation to cover an estimated 14million agreements. The regulator anticipates the average compensation payment will be around £700 per person.
The FCA’s consultation concluded in December 2025, with a pause on handling all cases due to be lifted on May 31, 2026. The financial watchdog will outline its approach to motor finance redress on Monday, March 30 after the markets close, likely around 5pm.
The Money-Saving Expert Website explains: “After it’s launched, firms will have an initial three-month ‘implementation’ period (this could be up to five months for older agreements) to prepare.
“For those who’ve already complained, you’ll be told of any redress you’re owed within three months of the implementation period ending, asked if you want to accept it, then paid. That should happen by the end of 2026.”