The Financial Conduct Authority (FCA) yesterday launched a £2m advertising campaign to encourage consumers to make claims on motor finance. The campaign on TV and online runs until 6 September.
It said millions of car finance customers who may be owed compensation can get help making a complaint for free.
Its research found that 27% of car finance customers lack confidence to make a complaint without using a claims management company (CMC) or law firm, despite free tools from the FCA being available.
Sheree Howard, executive director at the FCA, said: ‘Many people who may be owed compensation aren’t sure where to start or don’t realise they don’t have to pay someone to make a complaint.
“Our free tools are there to help people feel claim confident – so they can get any money owed back without it costing them a penny.’
“Many car finance customers are already acting – 59% have made or are considering a claim – but a significant group (23%) say they are unsure of their options.
The campaign – running across TV, radio, print, billboards and social media until 6 September – directs people to a free template complaint letter on the FCA website. More than 80% of those surveyed said this would make them more confident complaining directly to their lender.
The motor finance claim situation is far from clear. Earlier this year the FCA said the Upper Tribunal had partially suspended part of its motor finance redress scheme
The Upper Tribunal will hear the legal challenges to its motor finance scheme on 14 to 18 December 2026 or 16 to 26 February 2027.
“The final dates depend on whether any of those involved in the case apply for further expert opinion or disclosure of information, and whether any such application is successful,” it said.
