Fake motor finance compensation offers being made by scammers, FCA warns

The Financial Conduct Authority is reminding people that it does not currently have a car finance compensation scheme in place.

Fraudsters are posing as car finance lenders with bogus offers of compensation, consumers are being warned.

The Financial Conduct Authority (FCA) said it has received recent reports of scammers calling people and offering fake compensation in exchange for personal details such as their name, address, date of birth and bank information.

This follows the FCA’s recent announcement of a potential car finance compensation scheme.

The regulator is reminding people that no compensation scheme is in place yet.

It said car finance lenders are not yet contacting customers about compensation.

People should hang up immediately if they receive such calls and avoid sharin