Laura WilesThe FCA has launched a £1m campaign raising awareness of the motor finance compensation scheme the regulator is proposing. It aims to inform customers that they do not need to use a claims management company (CMC) or other professional services firm to access the scheme.
Research highlights that while 79% of motor finance customers know they may be owed compensation, and 61% of a possible compensation scheme, 41% of those were not aware that they could make use of the scheme directly.
Of finance holders aware that they might be owed compensation, 25% have already made a claim, and a further 39% plan to do so. 46% of those who made a claim did so via a CMC or professional services firm.