Context
The FCA has launched a national advertising campaign to remind millions of car finance customers, who may be owed compensation, they can get help making a complaint for free.
Key points to note and next actions
- Research by the FCA 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.
- 59% of car finance customers have made or are considering a claim but a significant group (23%) say they are unsure of their options.
- 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.”
- 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 about complaining directly to their lender.