Santander Consumer Finance is one of the most significant names in the UK car finance mis-selling investigation. With millions of agreements written through dealerships over the past decade, a large number of Santander customers may be entitled to compensation. Here is what you need to know.
Santander’s Role in the Market
Santander Consumer Finance is a division of Santander UK plc and has been a major provider of dealership-arranged car finance for many years. During the period when discretionary commission arrangements were permitted, Santander — like virtually every other major lender — operated systems that allowed dealers to adjust customer interest rates in exchange for higher commissions.
What Has Santander Said?
Santander has confirmed it is one of the lenders affected by the FCA review and has set aside provisions to cover potential redress. The bank has been actively engaged with the FCA process and has paused the processing of DCA-related complaints in line with regulatory guidance, pending the outcome of the Supreme Court ruling.
Am I Eligible If My Finance Was Through Santander?
The eligibility rules are the same as for any other lender: if you took out a PCP or HP agreement through a dealership that was funded by Santander Consumer Finance before 28 January 2021, you may have a valid claim. The agreement does not need to be active — settled and fully paid off agreements are equally in scope.
What If I Had Multiple Agreements?
If you financed more than one car through Santander during the relevant period, each agreement may be the subject of a separate claim. This is worth noting if you have been a loyal Santander customer across several vehicle purchases.
How Do I Get Started?
The first step is to confirm your eligibility and register your interest before the FCA’s redress scheme deadlines are published. Check whether your Santander agreement qualifies — it only takes a few minutes, and it costs nothing to find out where you stand.