Adverts which used edited, unauthorised clips of to make misleading claims
about average motor finance compensation and used the Financial
Conduct Authority (FCA) logo without permission, have been banned
by the FCA.
Conclusive Financial Ltd (Conclusive), a claims management
company (CMC) which also trades as PCP Refunds, was required to
remove its advertising and update or take down its website until
it complied with the FCA's rules. Conclusive has since removed
the banned adverts.
The FCA was also concerned that some of the firm's adverts stated
consumers would receive £1846 on average for compensation for
motor finance claims, with no explanation of how they reached
this figure.
Conclusive also promoted a ‘No Win, No Fee' service on its
websites, without a proper explanation of the fees, including any
exit fees, people would be charged. It did not tell consumers
that they could make claims for free to their lender or to the
Financial Ombudsman Service without the need to use a CMC.
Alison Walters, director of consumer finance at the FCA, said:
“Consumers should be wary of adverts that overpromise or give the
impression they are endorsed by the FCA or well-known
individuals. We will take swift action where rules are being
broken.
“Our scheme is free and people don't have to use a CMC or law
firm. If they do, it's important that they can trust them.”
A joint taskforce with
the FCA, Solicitors Regulation Authority, Advertising Standards
Authority and Information Commissioner's Office was recently
formed, which is the latest measure by the regulators to improve
standards. Following FCA action, CMCs have removed or amended 899
misleading adverts since January 2024.
Advice for consumers
For consumers who have engaged with Conclusive and believe they
have been misled by its advertising, they should complain
directly to Conclusive. If consumers are unhappy with the
outcome, they can refer their complaint to the Financial
Ombudsman Service.
If a consumer, as a result of seeing these adverts, has signed up
with a law firm, then they should complain to the law firm
directly and the Legal Ombudsman if they remain unsatisfied.
Notes to editors
