Related topic: Redress

However, people are now expected to receive around £700 on average, below the initial estimate of £950.

Two CMCs have agreed to change their exit fee policies and two others have agreed not to take on clients until they’re able to show they comply with FCA rules.

Among those who have already made a claim, 46% did so using a claims management company or law firm.

Compensation, where it is due, can start to be paid next year. 

The FCA says the reforms will prevent compensation delays and provide predictability needed for innovation.

The FCA may also consult separately on changes to its rules.