Vanquis Will Not Challenge FCA Motor Finance Redress Schemes
Summary
Vanquis Banking Group plc has confirmed it will not challenge the Financial Conduct Authority's Motor Finance Redress Schemes and is focused on implementation. The company states it did not participate in discretionary commission arrangements or tied selling arrangements, and is therefore not in scope for these elements. A previously disclosed £3.0 million provision in respect of this matter remains unchanged. The group remains committed to ensuring appropriate redress to customers where loss has occurred.
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What changed
Vanquis Banking Group plc has issued an RNS announcement confirming it will not challenge the FCA's Motor Finance Redress Schemes and is focused on implementation. The company notes it was not involved in discretionary commission arrangements or tied selling practices, placing it outside scope for those elements. The previously disclosed £3.0 million provision remains unchanged.
For other motor finance providers, this announcement signals that the FCA's redress schemes are proceeding. Firms that did participate in discretionary commission arrangements or tied selling should assess their potential exposure and prepare for implementation obligations. The £3.0 million provision figure may serve as a rough order-of-magnitude reference point for similarly-sized firms, though actual redress amounts will depend on individual customer loss assessments.
Archived snapshot
Apr 27, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Motor Finance Redress Schemes Update
VANQUIS BANKING GROUP PLC Released 07:00:10 27 April 2026 RNS Number : 9226B Vanquis Banking Group PLC 27 April 2026
Vanquis Banking Group plc ("the Company")
Motor Finance Redress Schemes Update
27 April 2026: Vanquis Banking Group plc ("the Group" or "Vanquis") confirms that it will not challenge the Financial Conduct Authority's Motor Finance Redress Schemes and is focused on implementation.
The Group did not participate in discretionary commission arrangements or operate tied selling arrangements and is therefore not in scope for these elements of the Schemes.
The previously disclosed £3.0 million provision in respect of this matter remains unchanged.
The Group remains committed to ensuring appropriate redress to customers where loss has occurred.
Vanquis intends to release its 1Q26 trading statement on 6 May.
Enquiries
Analysts and shareholders
James Cranstoun, Head of Investor Relations
+44 (0) 7766 937 406
Media
Scott Mowbray, Head of Group External Communications
+44 (0) 7834 843 384
Victoria Ainsworth, Senior Director (Hawthorn Advisors)
+44 (0) 7894 995 886
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