Update on Commissions and important information from the FCA

The Financial Conduct Authority (FCA) announced its intention to consult on a motor finance redress scheme. Following this announcement, the FCA has advised that it has received reports of scammers pretending to be from motor finance lenders contacting consumers.

The scammers will try to obtain your personal information, such as your name, date of birth, address, and bank account details. They will also falsely claim that you are owed compensation.

Please be aware that:

• There is no compensation scheme in place yet.
• Motor finance lenders are not yet contacting consumers about compensation.
• If someone calls you claiming to offer compensation, you should hang up immediately.

You can go to the FCA website link here to find out how you can protect yourself from scams.

You can report scam calls to Ofcom for action by texting or calling 7726 (from a mobile phone) or by visiting Ofcom’s website here.