The Financial Conduct Authority (FCA) has banned adverts by Conclusive Financial Ltd after finding that the claims management company used misleading content and breached regulatory rules on financial promotions.
Conclusive Financial Ltd, which trades as PCP Refunds, used edited and unauthorised clips of Martin Lewis in its advertising, alongside the FCA logo without permission. The regulator required the firm to remove its advertising and to update or take down its website until it complied fully with FCA rules. Conclusive has since removed the banned adverts.
Misleading claims on compensation and fees
The FCA was concerned that some adverts from Conclusive stated that consumers would receive an average of £1,846 in compensation for motor finance claims, without explaining how this figure was calculated. The regulator considered this presentation to be misleading, given the lack of supporting information.
Conclusive also promoted a "No Win, No Fee" service on its websites without providing a proper explanation of the fees customers could be charged, including any exit fees. In addition, the firm did not make clear that consumers are able to bring claims free of charge directly to their lender or to the Financial Ombudsman Service, without needing to use a claims management company (CMC).
FCA warning to consumers
Alison Walters, director of consumer finance at the FCA, said consumers should be cautious about adverts that overpromise or appear to be endorsed by the FCA or well-known individuals. She stated that the FCA will take swift action where its rules are being broken and reiterated that the FCA's scheme is free, meaning people do not have to use a CMC or law firm. Walters also highlighted the importance of consumers being able to trust any CMC they choose to engage.
Regulatory coordination and wider action
A joint taskforce involving the FCA, Solicitors Regulation Authority, Advertising Standards Authority and Information Commissioner's Office has recently been formed as part of efforts by regulators to improve standards in this area. Since January 2024, following FCA action, CMCs have removed or amended 899 misleading adverts.
The intervention against Conclusive Financial Ltd forms part of the FCA's broader work to address misleading promotions and ensure that consumers receive clear, fair and not misleading information when considering motor finance compensation claims.
