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Motor finance prospects who could also be owed compensation are being reminded by the Metropolis regulator that they don’t want to make use of a claims administration agency to make a criticism.
The Monetary Conduct Authority (FCA) has launched a £2 million promoting marketing campaign to assist individuals involved about their automobile finance really feel assured about formally complaining.
The marketing campaign is operating throughout TV, radio, print, billboards and social media, directing individuals to a free template criticism letter on the FCA’s web site.
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A survey commissioned by the FCA discovered that 27% of automobile finance prospects lack confidence to make a criticism with out utilizing a claims administration firm (CMC) or regulation agency, regardless of free instruments from the regulator being obtainable.
The survey additionally indicated that many automobile finance prospects are already appearing, with 59% having made or contemplating a declare, however a big group (23%) mentioned they’re uncertain of their choices.
Greater than 80% of these surveyed mentioned the free template letter would make them extra assured complaining on to their lender.
Sheree Howard, govt director on the FCA, mentioned: “Many individuals who could also be owed compensation aren’t certain the place to begin or don’t realise they don’t need to pay somebody to make a criticism.
“Our free instruments are there to assist individuals really feel declare assured – to allow them to get any cash owed again with out it costing them a penny.”
The FCA commissioned a survey of 1,000 motor finance prospects, which was carried out in June.
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They had been UK adults aged 18 or over who maintain, or have held, a motor finance association in their very own title or collectively.
The FCA’s marketing campaign runs from July 27 to September 6 2026.
In March, the FCA launched a redress scheme however it has been partially suspended on account of authorized challenges. The FCA mentioned it plans to defend it robustly.
The FCA has extra data for automobile finance prospects on its web site at fca.org.uk/customers/car-finance-complaints.
