The Financial Conduct Authority (FCA) has banned adverts from a claims management company that used edited, unauthorised clips of Martin Lewis and the FCA logo to make misleading claims about motor finance compensation.
Conclusive Financial Ltd, which also trades as PCP Refunds, was required to remove the adverts and take down or amend its website until it complied with regulatory rules. The firm has since removed the banned material.
The regulator found that the adverts used edited footage of consumer finance campaigner Martin Lewis in a way that implied endorsement, while also displaying the FCA logo without permission.
The FCA also raised concerns over claims that consumers could receive an average of £1,846 in compensation for motor finance claims, with no explanation of how this figure was calculated.
In addition, the firm promoted a “No Win, No Fee” service without clearly explaining associated costs, including potential exit fees.
It also failed to make clear that consumers can submit claims directly to their lender or the Financial Ombudsman Service free of charge, without using a claims management company.
Alison Walters, director of consumer finance at the FCA, said consumers should be cautious of these types of adverts.
“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,” she said.
She added that consumers do not need to use claims management companies or law firms to make complaints and should be able to trust firms that offer such services.
The FCA confirmed that a joint taskforce with the Solicitors Regulation Authority, Advertising Standards Authority, and Information Commissioner’s Office is continuing efforts to raise standards across the sector.
Since January 2024, regulators have intervened to remove or amend 899 misleading adverts.