Laura WilesThe FCA has joined forces with the Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) to create a taskforce for tackling poor practice in motor finance claims.
The announcement comes as the FCA prepares to set out its final compensation scheme for motor finance customers. The joint taskforce will see the regulators share intelligence and continue to take co-ordinated and targeted actions to tackle issues with unsolicited and misleading advertising, exaggerated claims, multiple representation and unfair exit fees.
The FCA is keen for consumers to understand that its compensation scheme will be free to use, and that they will not need to use a CMC or law firm to access it.