When consumers are wronged, many rightly seek fair compensation. Some complain directly, without paying a penny using free Ombudsman services. Others turn to claims management companies (CMCs) or law firms.They can provide a valuable service and support access to justice.However, we’ve seen firsthand from the way some claims firms have handled car finance complaints that, all too often, they make a difficult situation worse.Poor practices include unwanted texts or emails sent to people who never asked to be contacted, driving 6 million complaints to the Information Commissioner’s Office; misleading adverts, particularly on social media, promising returns that don’t stack up; unfair cancellation fees quietly buried in contracts; consumers being signed up – sometimes to multiple claims firms – without meaningful consent; and reports of fraudulent signatures.All of this leaves consumers harassed, confused, potentially misled, and out of pocket.
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What is FCA? We protect people by helping them understand some of the most common risks they might come across when using financial services.
We publish warnings about firms that are doing business without our authorisation, and we encourage consumers to report scams, potential harm or bad conduct to us.
Our ScamSmart campaign targets individuals who are most at risk of investment fraud and pension scams. Our InvestSmart campaign also warns newer investors about the risks of investing online.
We want to help consumers protect themselves, so we work with consumer organisations to raise awareness of what we do. These organisations also help inform our approach to regulation.