14th May 2026
There have been more reports of scammers attempting to take advantage of the Financial Conduct Authority (FCA)'s car finance compensation scheme.
Under the scheme, those who used finance to buy a car, motorbike or van between 6 April 2007 and 1 November 2024 may be owed compensation.
However, scammers are cold calling and sending text messages and emails which say you may be due to receive thousands of pounds in compensation and ask for personal and financial details.
One text message, sent to a consumer who had never used finance, had the heading 'Claim PCP' and read:
"Our records indicate you could be owed up to £2,487 in mis-sold car finance. Check for free:..."
If you want to make a complaint about car finance, you can contact your lender. Lenders will also contact anyone potentially owed money within 6 months of the scheme starting.
The FCA has a list of lenders and further details about how to complain, including template letters here: https://www.fca.org.uk/consumers/car-finance-complaints/list-lenders
The FCA has advised that you do not need to use a claims management company (CMC) or a law firm to take part in the scheme. CMCs and law firms are not allowed to contact you out of the blue to promote their services.
You can complain for free without using one, and you don’t need to use a CMC to find out if you’re eligible.
The FCA has banned adverts which used edited, unauthorised clips of Martin Lewis to make misleading claims about average motor finance compensation and used the FCA logo without permission.
Find out more about using CMCs here. https://www.fca.org.uk/consumers/car-finance-complaints#section-using-claims-management-companies-cmc-
How to Avoid
Don't click on links in unexpected messages. Scam messages often ask you to act urgently - be suspicious of unsolicited messages which ask you to provide personal or financial details.
Some lenders will contact eligible customers directly about car finance, usually via email or other digital channels.
Before responding to an unexpected message, make sure you are dealing with the real lender by checking their details on the FCA website.
Find out More
FCA information about car finance complaints: https://www.fca.org.uk/consumers/car-finance-complaints
Advice from the FCA on avoiding scam car finance emails: https://www.fca.org.uk/consumers/car-finance-complaints/unwanted-emails
Information from Which?: https://www.which.co.uk/news/article/car-finance-fca-investigation-what-you-need-to-know-a4eXb5u8VeBy