The Financial Conduct Authority (FCA) has banned a series of misleading adverts from claims management company Conclusive Financial Ltd, which trades as PCP Refunds over concerns it misrepresented motor finance compensation and used unauthorised endorsements.
The regulator said the adverts featured edited and clips of consumer champion Martin Lewis and used the FCA logo without permission, creating the impression of official backing.
Conclusive was required to remove the adverts and update or take down its website until it complied with FCA rules. The firm has since removed the banned material.
Misleading finance adverts banned
The FCA also raised concerns about its claims that consumers would receive £1,846 on average in compensation for motor finance complaints, noting there was no explanation of how the figure had been calculated.
In addition, the firm promoted a ‘no win, no fee’ service without clearly setting out the fees customers could face including potential exit charges.
The regulator said the company also failed to inform consumers that they could pursue complaints themselves for free through their lender or via the Financial Ombudsman Service, without using a claims management company.
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.”
Regulators tighten oversight
The FCA said the action forms part of wider efforts to improve standards across the sector, including a joint taskforce with the Solicitors Regulation Authority, Advertising Standards Authority and Information Commissioner’s Office. Since January 2024, 899 misleading adverts have been either removed or amended following FCA intervention.
The FCA said consumers who believe they have been misled by Conclusive’s advertising to complain directly to the firm. If they are unhappy with the outcome, they can escalate the complaint to the Financial Ombudsman Service.
Consumers who signed up with a law firm as a result of the adverts should complain to the firm in the first instance and, if necessary, refer the case to the Legal Ombudsman.
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