Motor finance calculator PS26/3
24th April 2026
Exasoft updates motor finance calculators to calculate in line with PS26/3
Latest bulk and manual processes have been updated, including caps, fair rates and maximum loan size for both schemes.
Redress Manager provides comprehensive output allowing customers the ability to see interest calculations and the purpose built user form contains the required data / results for letters.
Working for all cases with/without data including early settlements, we provide a comprehensive system for your motor finance calculations (we can also produce letters / cheques).
We are happy to work with your existing suppliers or directly with you.
Motor Finance final guidance
30th March 2026
FCA publishes PS26/3 final motor finance guidance
Key points;
- 2 Schemes reflecting pre/post 1 April 2014 cases
- Caps introduced requiring additional calculations
- Fair interest rates for motor finance included
- BOE Annual average rates not rounded and minimum rate of 3% introduced
- Minimum commission payments for redress included
Exasoft updates pricing
27th March 2026
Exasoft removes case fees and licence restrictions as it upgrades its software for Motor Finance and APP Scams
Exasoft, the leading supplier of rectification software in the UK for the past 30+ years have just released new features to its Redress Manager software for motor finance and APP scams. Exasoft have an award-winning history in providing rectification calculation software to clients like the Financial Ombudsman Service, the Financial Services Compensation Scheme, high street banks, building societies, life assurance companies, and outsourcers.
Many Outsourcers use Exasoft’s Redress Manager software to handle cases on behalf of clients, and from 31ST March 2026, Exasoft is removing case (click) fees for all new licenses / renewals. For outsourcer clients, this represents a huge saving for their customers.
“We recognise the financial burden on firms, and the changes announced today will significantly reduce the cost for firms using consultants or outsourcers to manage their complaint calculations using our software. In addition to this, we are extending usage of customer licenses to accommodate hybrid working. Our expertise in providing accurate redress, substantially reduces the risk for firms needing to perform calculations”, said Dr Alan Malik, CEO of Exasoft (www.explc.com).
Over the past 30 years Exasoft’s Redress Manager (inc. Mortgage Fundamentals) software, has been utilised on many extensive programmes involving millions of customers and billions of pounds of redress. Exasoft have unparalleled expertise in reconstructing accounts to calculate accurate redress and provide hosted, or on-premise solutions to meet with client requirements.
Motor Finance UPDATE
24th March 2026
FCA final guidance on motor finance to be issued next Monday evening.
We have released a manual solution based on CP 25/27 and have a ready to go solution for bulk calculations. As our solution uses the tried and tested Redress Manager, we can adapt very quickly to any FCA changes.
Options available include onsite implementations, hosted solution where we process your data and return the results (all via secure ftp) or we can work with your outsourcer.
Motor Finance and Authorised Push Payment (APP) Scams
11th March 2026
Redress Manager 8.0.8 launched with Motor finance (based on CP25/27) and APP Scams wizards.
We have included the FCA Bank of England average rate as used in the FCA paper for motor finance and our wizard allows for arrears, payment holidays, missed payments, adhoc payments and early settlements.
Where companies are utilising licensed data feeds we have also added the ability to restrict user access to licensed data feeds allowing greater use of the system in other areas.
Please contact us for more details including bulk processing and provisioning.
Authorised Push Payment (APP) Scams
28th November 2025
We are updating Redress Manager to handle the refund of payments to customers based on app scams.
Although these cases can already be handled by the existing system, we are streamlining the interface to allow for easy entry of debits / credits.
As with existing cases Redress Manager handles both BOE + 1% interest and Court rate interest. Please contact us for more details.
FCA Motor Finance
CP25/27 - 7 October 2025
FCA paper looks at calculations that will be one of the following three categories;
(1) DCA Commission payment + interest
(2) Greater of APR - 17% or Minimum DCA APR (if specified)
(3) Hybrid
Where the commission is >= 50% of credit cost and >=25% of the loan and a tied agreement, redress will be (1)
Otherwise redress will be (2) where (2) >= (1) or ((1) + (2)) / 2 where (2) < (1)
Compensatory interest will be based on annual average of BOE + 1%
Utilising our tried and test Redress Manager core calculation engine we can produce results based on minimal or transactional data, including missing early settlement values.
Redress Manager can run calculations using basic information or transactional data - speak to us about your requirements
Financial Ombudsman Service
Redress interest change - 1st January 2026
The calculation of added interest will be changing from the above date. Redress Manager requires a simple Group Setting configuration change within the software to use the BOE + 1% from this date.
This new rate will generally apply to the period from when the complainant was unreasonably deprived of the money, to the payment deadline date set by the Financial Ombudsman Service for paying compensation to the complainant.
This rate will be applied over the period the complainant was out of pocket; from when the complainant was unreasonably deprived of the money, to the point that the respondent business was instructed by the Financial Ombudsman Service to pay the complainant, usually 28 days after the we make a decision on the complaint (what is called the ‘pre-determination period’).
The new time weighted average is the same as running a calculation using the BOE + 1% interest rate through Redress Manager (this has been verified).
MOTOR FINANCE
Motor Finance Calculator - 4th August 2025
Following the supreme court ruling on car finance, the FCA are consulting on a scheme for those customer who they felt were unfairly treated, going back to 2007.
Prior to the supreme court hearing we had already built a motor finance calculator that included various options based on the possible outcomes and have now adjusted it to include the new FOS interest rates from 1st January 2026.
DATA LICENSING
Data feeds update
Subject to clients being licensed, we can now provide a subset of data from FTSE, MSCi, MorningStar and ARC