The Financial Conduct Authority (FCA) has banned adverts from a Cheadle-based claims management firm, Conclusive Financial Ltd, which made misleading claims.
The firm, which also trades as PCP Refunds, used edited and unauthorised clips of consumer rights and finance expert, Martin Lewis, to make misleading claims about the average motor finance compensation.
The firm also promoted a ‘No win, no fee’ service without an explanation of fees, and without indicating that claims can be made for free to lenders or the Financial Ombudsman Service without a claims management company.
Conclusive was required to remove its advertising and update or take down its website until it complied with the FCA’s rules, and has since removed the banned adverts.
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.”
Action against Conclusive’s advertising by the FCA, and other claims management companies has seen the 899 misleading adverts removed or amended since January 2024. Further work to improve standards in the sector is now being led by a joint taskforce that brings together FCA, Solicitors Regulation Authority, Advertising Standards Authority and Information Commissioner’s Office.
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