.jpg)
The question every potential claimant wants answered is not 'am I eligible?' or 'how much could I get?' — it is: when will the money actually arrive? The FCA's motor finance redress scheme (PS26/3) has a mandated timeline with specific legal deadlines for lenders. But the answer to 'when?' depends critically on one thing: whether you have already submitted a complaint.
This post maps the complete payment timeline from now to August 2027, explains the difference between first-wave and second-wave consumers, and tells you exactly what you need to do — and by when — to receive your compensation as quickly as possible. For the backstory on the regulatory history behind this scheme, see our guide to the FCA investigation full timeline. For the scheme rules themselves, see our post on the motor finance redress scheme PS26/3.
The Critical Distinction: Complainants vs Non-Complainants
The FCA's scheme treats consumers who have already submitted a complaint differently from those who have not. This distinction has a direct and material impact on when you receive your money — by months, not days.
- Complainants (people who have already submitted a complaint to their lender): lenders must contact them within three months of the scheme's implementation period ending and tell them whether they are owed compensation and how much
- Non-complainants (people who have not submitted a complaint): lenders must contact them within six months of the implementation period ending — but only if the lender identifies them as likely to be owed money
In practice, this means first-wave complainants will receive their compensation offer approximately three months before non-complainants are even contacted. The difference between submitting a complaint in May 2026 and waiting to be contacted by your lender in early 2027 could be more than six months of additional waiting time.
The FCA Scheme Payment Timeline: Phase by Phase
Phase 1: Implementation (Now — June/August 2026)
Lenders are currently preparing their systems, governance frameworks, and data retrieval processes to deliver the scheme. During this phase, lenders are not required to process or respond to complaints — so if you have submitted a complaint, you may receive a holding response. That is normal and expected.
What matters during Phase 1 is that you are registered as a complainant. Consumers who submit complaints now are building their position at the front of the payment queue. The context on the three types of hidden commission covered by the scheme may help you understand what your complaint should reference.
- Scheme 2 (post-April 2014 agreements): implementation period ends 30 June 2026
- Scheme 1 (pre-April 2014 agreements): implementation period ends 31 August 2026
Get Into the First Wave — Submit Before 30 June 2026
First-wave complainants get paid months before those who wait. It takes under 2 minutes to start.
Submit My Complaint Now
Phase 2: First Wave — Offers to Complainants (Q3–Q4 2026)
After the implementation period ends, lenders have three months to tell consumers who have already complained whether they are owed compensation and how much. Payment follows within two months of a consumer accepting the offer.
Scheme 2 (post-2014): complainants should receive offers by approximately September 2026. If an offer is accepted promptly, payment could arrive by approximately November 2026.
Scheme 1 (pre-2014): complainants should receive offers by approximately November 2026, with payment by approximately January 2027.
For a sense of what you might receive, our post on the compensation calculator and hybrid remedy formula gives worked examples by loan size and agreement date.
Phase 3: Second Wave — Outreach to Non-Complainants (Late 2026 – Early 2027)
Consumers who have not submitted a complaint will be contacted by their lender only if the lender identifies them as likely to be owed money. Lenders have six months from the end of the implementation period to complete this outreach.
Scheme 2: lenders must contact eligible non-complainants by approximately December 2026. Once contacted, consumers have six months to respond and join the scheme.
Scheme 1: lenders must contact eligible non-complainants by approximately February 2027.
If you wait to be contacted rather than submitting now, the earliest you are likely to receive a compensation offer is Q1 2027 — and payment would follow several months after that.
Phase 4: Final Deadline — 31 August 2027
Consumers who have not been contacted by their lender and have not submitted their own complaint have until 31 August 2027 to do so. After this date, claims cannot be accepted under the FCA redress scheme. Claims submitted after this date cannot use the scheme — while other legal routes may theoretically exist, they are significantly more complex and expensive.
Your Personal Timeline With PCP Missold
Our simple guide to the PCP claim process walks through each step, and the full how it works page covers the process in detail. If you instruct PCP Missold today, here is the realistic timeline:
Days 1–5: PCP Missold traces your agreements, confirms eligibility and commission type, and prepares your complaint documentation
Days 5–10: Your complaint is submitted to the lender. The lender must acknowledge receipt.
Phase 1 (current): Your complaint is registered and queued. Lenders are in their implementation phase and are not yet required to respond.
After 30 June 2026: For Scheme 2: within 3 months, you receive a compensation offer
After 31 Aug 2026: For Scheme 1: within 3 months, you receive a compensation offer
1 month after offer: You accept the offer (or PCP Missold challenges it if it appears incorrect)
1 month after acceptance: The lender makes payment. Compensation arrives.
The Legal Challenge: Does It Affect Your Timeline?
On 27 April 2026, Consumer Voice announced a legal challenge to elements of the FCA's redress scheme. The FCA confirmed the scheme is going ahead and stated it will set out its response shortly. Consumer Voice has said it is not seeking to delay payments to consumers.
Courts are expected to handle the application on an expedited basis. The most likely outcome is that the scheme proceeds broadly on the planned timeline, with any adjustments affecting specific design elements rather than the fundamental structure or consumer entitlements. Submitting your complaint now is still the correct action — it positions you as a complainant regardless of how the challenge resolves.
Key Deadlines at a Glance
Use our PCP eligibility checker to confirm you qualify, then check the lenders we claim against to confirm your specific lender is covered.
30 June 2026: Scheme 2 implementation ends — submit before this to be in Wave 1
31 August 2026: Scheme 1 implementation ends — submit before this to be in Wave 1
~Sep 2026: Wave 1 offers expected for Scheme 2 complainants
~Nov 2026: Wave 1 offers expected for Scheme 1 complainants
~Dec 2026–Feb 2027: Lenders contact eligible non-complainants (Wave 2)
31 August 2027: Absolute final deadline — no claims accepted after this date
.png)
.jpg)
