Motor drivers have been warned that fake compensation was offered as car finance lenders for scammers.
The warning comes after the announcement of the Warning Watchdog from the Financial Conduct Authority (FCA), it will set up a compensation scheme for the motorists who were sold to the car finance deals that were illegal.
earlier this month, Supreme Court ruled This was in many cases, the commission paid by the lenders to car dealers for organizing loans was legal.
But the decision abandoned the possibility of claiming for other motorists, including those who were charged a large -scale commission fee.
In some cases, car dealers were paid high commission by lenders to sign motorists for high interest loans, a practice that has been banned from 2021.
Following Supreme Court’s decision, FCA announced To get less than £ 950,
The counseling process will take about six weeks, and if the plan is approved, the FCA is expected to start paying next year.
Following the FCA’s announcement of compensation, the Watchdog said it received reports of calling scammers and offering compensation that does not exist in exchange for personal details.
Nisha Arora, director of special projects at FCA, said, “We know about calling scammers and presenting cars as finance lenders, offering fake compensation and asking for personal details.”
“There is no compensation plan yet. If someone receives such a call, hang immediately and do not share any information.”
The FCA said that it would never ask people for a bank account pin or password, and has urged people to report any scam calls or texts.
A Watchdog spokesman said that after receiving the initial report from consumers about the targeted scams, it issues a warning “to overtake it and to vow to consumers quickly”.
The FCA has earlier warned the motorists about signing up with claims management companies (CMC) or firms before any decision on a centralized claim scheme.
In a joint statement with the Solicitor Regulation Authority, the FCA reported that motor drivers may sacrifice up to 30% of any claim award in the fees to the CMC or law firm.
The FCA stated that the point of a centralized prevention scheme would be easy for consumers to get compensation, without the need for help from the CMC or Law firm, the FCA said.
The final bill for the prevention scheme may be more as £ 18bn, millions of people with a watchdog can be estimated who have potentially dating new or used cars, as far as claims to dating back by 2007 may be eligible to claim.
The FCA has said that lenders including major banks and special motor finance companies will reduce the cost.
