Over 3.8 Million Car Finance Victims Abandoned by Regulator
Instead of empowering victims, the regulator is using its platform to warn consumers against seeking professional help. More than 3.8 million people have already taken matters into their own hands by signing with law firms. That represents over 7.8 million claims – an average of two per person – and that’s only based on partial industry data. The real number is almost certainly higher.
And let’s be clear: these consumers didn’t rush into agreements lightly. They turned to professionals because the FCA dragged its feet for years and then failed to deliver timely redress after banning discretionary commission in 2021. Victims were left stranded with no official route to justice, and the regulator’s inaction meant the only practical option was to get expert legal support.
At the bequest of the banks the FCA is downplaying the role of the claims management companies (CMCs) it regulates – even though for millions of consumers, CMCs are the very reason their cases are on the table.
So where does that leave consumers? Stuck in limbo – being told to wait for a regulator that has already failed them? The reality is simple:
- The regulator doesn’t represent you – it represents the industry. Its focus is managing costs, not fighting for your maximum payout.
- CMCs and law firms are on your side. They only get paid when you do, and their interests are directly aligned with yours: securing the best possible outcome.
- Without professional representation, you risk being short-changed. The FCA’s scheme may prioritise bank liability and cost-cutting over fairness, pressuring individuals to accept lower settlements than they deserve.
Millions have already made the smart choice to seek help – and for good reason. If you’re one of them, don’t be swayed by the scaremongering. Independent, professional support could be the difference between a token payout and the compensation you’re truly entitled to.
Don’t let the regulator decide your worth. Trust those who are fighting in your corner.