Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has issued a warning over scammers posing as car finance lenders, highlighting concerns over fraudsters offering fake compensation in exchange for personal details, such as names, addresses, birth dates and bank information.
The regulator clarified that no car finance compensation scheme is currently in place, despite recent announcements about potential consultations.
Nisha Arora, Director of Special Projects at the FCA, said “We’re aware of scammers calling people and posing as car finance lenders, offering fake compensation and asking for personal details. There is no compensation scheme in place yet. If anyone receives a call like this, hang up immediately and do not share any information.”
