US EditionDrivers warned about scam car finance payout calls
UNITED KINGDOM, AUG 11 – Scammers exploit FCA's pending car finance compensation scheme by targeting motorists for personal data, with millions potentially eligible for up to £950 each, regulator warns.
- Warning consumers against fraudulent compensation offers, the FCA warned that scammers pose as car finance lenders offering fake deals and requesting personal details.
- Earlier this month, the FCA began consulting on a compensation scheme after a Supreme Court ruling that many lenders’ commissions were legal.
- Scammers request sensitive personal details including name, address, date of birth and bank information, and consumers should report scam calls and texts by forwarding them to 7726.
- Meanwhile, the FCA warns consumers that no compensation scheme is in place and lenders are not contacting customers, urging them to hang up immediately and avoid sharing personal information.
- Under the proposed scheme, the consultation process will take about six weeks before payments start next year, with motorists potentially losing up to 30% of claims in fees to CMCs or law firms.
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Political opinion: Wendy Chamberlain MP calls for swift compensation for those mis-sold car finance
Wendy Chamberlain, Scottish Liberal Democrat MP for North East Fife, has urged the Government and the Financial Conduct Authority (FCA) to work together to swiftly deliver a compensation scheme that will see lenders who mis-sold car finance deals “make up for their actions”. This comes after the financial watchdog announced a consultation this week on a possible compensation scheme.
·Kirkcaldy, United Kingdom
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Coverage Details
Total News Sources19
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
13%
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