Overview
- The Finance & Leasing Association, which said Monday it will not challenge the plan, removed the biggest industry obstacle to implementation.
- Lenders can start paying now, with existing complainants first in line under the regulator’s guidance.
- The scheme spans about 12.1 million agreements from 2007 to 2024 that used dealer commissions later banned in 2021 for pushing up interest rates.
- The watchdog expects average payments of about £829 and about £7.5 billion to reach consumers within a £9.1 billion programme, with most cases settled by the end of 2027.
- Consumer Voice plans a tribunal challenge to the calculation method, a move that could delay parts of the timetable if the court agrees to review it.