FCA warns consumers about car finance scam calls

The Financial Conduct Authority (FCA) is warning consumers about scammers posing as car finance lenders. The FCA has received recent reports of scammers calling people and offering fake compensation in exchange for personal details such as their name, address, date of birth and bank information.

This follows the FCA's recent announcement of a potential car finance compensation scheme.

The FCA stresses that:

• No compensation scheme is currently in place yet.
• Car finance lenders are not yet contacting customers about compensation.
• Consumers should hang up immediately if they receive such calls and avoid sharing any personal information.

Nisha Arora, Director of Special Projects at the FCA, said:

“We're aware of scammers calling people and posing as car finance lenders, offering fake compensation and asking for personal details. There is no compensation scheme in place yet. If anyone receives a call like this, hang up immediately and do not share any information.”

Notes to editors:

• More information on how to protect yourself from scams is available on the FCA's website.
• Scam calls and texts should be reported to Ofcom by forwarding them to 7726. More information on how to do this is available on Ofcom's website.