PCP Redress: Key Developments Following PS26/3

The FCA’s motor finance redress work has turned a long-running consumer issue into a defined claims environment. Policy Statement PS26/3 is not an invitation to treat every historic PCP agreement as a guaranteed claim. It is a framework — and the useful question is whether your file looks eligible, evidenced and worth running.

Why the headline numbers can mislead

Estimates of consumer compensation, agreements in scope and lender cost describe the size of a market. They do not tell you whether your agreement is in scope. The narrower questions are: can you be identified as the claimant, is the agreement the right type, and is there a realistic path to recovery?

What this means if you may have a claim

High-volume redress creates two opposing pressures. Some firms onboard quickly. A careful review slows the file down until it can be assessed properly. We treat a “no” as a valid outcome. If the file is not eligible, you should hear that early.

How we review a PCP or HP file

We look at the agreement, the parties and the evidence before deciding whether we can act. Insurance may be used where it is appropriate for the file. Starting with a short enquiry does not commit you, and it does not create a solicitor-client relationship on its own.

This article is for information only. If you think you may have a claim, start your claim or read our regulatory disclosure.

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