‘You can trust the FCA’s free tools’ is the opening line of a hard-hitting TV advertisement taking the City regulator’s campaign against unofficial motor finance redress claims onto the claims farmers’ own turf.
The campaign – running on TV, radio, print, billboards and social media until 6 September – directs redress-seekers to a free template complaint letter on the Financial Conduct Authority website. The TV advertisement can be seen on YouTube here.
In its latest attempt to promote its own redress scheme against widely-promoted alternatives, the FCA announced 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.
Sheree Howard, executive director at the regulator, 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.’
According to the FCA, 59% of eligible car finance customers have made or are considering a claim – but a significant group (23%) say they are unsure of their options.