The Financial Conduct Authority (FCA) is partnering with influencers to launch a £1 million campaign to raise awareness of how to access its motor finance compensation scheme.
The purpose of the campaign is to inform motor finance customers that they can access the industry-wide compensation scheme directly, without needing a claims management company (CMC) or law firm.
To reach customers, the FCA is partnering with influencers, including Cameron Smith, known online as @cazza_time. Over the next two months, additional influencers will share information on their social media channels, while online video and radio adverts are set to launch in October.
The campaign follows FCA-commissioned research showing that 79% of motor finance customers are aware they could be owed compensation and 61% know about a potential compensation scheme.
However, 41% of those aware of possible compensation did not realise they could access a redress scheme without using a claims management company or law firm. Engaging a CMC or law firm could cost consumers around 30% of any compensation they receive.
Sheree Howard, executive director at the FCA, said: ‘We’ll set out plans for a free, easy-to-access motor finance compensation scheme. We’re concerned a significant number of people are unaware you don’t need to use a CMC or law firm to claim compensation. If you do, you could lose over 30% of any money you’re owed.’
The FCA’s decision to partner with influencers comes despite recent charges against three social media ‘finfluencers’ as part of its crackdown on unlawful financial promotions.
Charles Hunter, Kayan Kalipha and Luke Desmaris were each charged with one count of communicating an invitation to engage in investment activity, contrary to the Financial Services and Markets Act 2000.
The trio are alleged to have encouraged social media followers in invest in foreign exchange trading through high-risk products known as contracts for difference, without having the authorisation to promote these investments.
These proceedings are linked to the FCA’s operation to crack down on illegal financial promotions by finfluencers across multiple jurisdictions. It was a coordinated global enforcement action announced in June to target illegal financial promotions by finfluencers.
The FCA first warned those advertising and trading investments on social media about the risks of doing so in March 2024.
All three defendants pleaded not guilty and will appear at Southwark Crown Court for a hearing on 8 October 2025.