Claims Management Company (CMC) advertisements which falsely claimed the endorsement of MoneySavingExpert and ITV presenter Martin Lewis have been banned by the FCA.
The ads used edited, unauthorised clips of Martin Lewis to make "misleading claims" about motor finance compensation and used the Financial Conduct Authority (FCA) logo without permission.
Conclusive Financial Ltd (Conclusive), a Stockport-based claims management company (CMC) which also trades as PCP Refunds, was ordered to remove its advertising and update or take down its website until it complied with the FCA’s rules.
Conclusive has since removed the banned adverts, the FCA said.
Martin Lewis, who founded the MoneySavingExpert website and presents a popular ITV personal finance show, has consistently warned consumers about financial firms falsely using his image and claiming endorsement from him.
The regulator said it was also concerned that some of Conclusive's ads claimed that consumers would receive £1,846 on average for compensation for motor finance claims, with no explanation of how they reached this figure.
The FCA said that Conclusive also promoted a ‘No Win, No Fee’ service on its websites, without a proper explanation of the fees, including any exit fees, people would be charged. It did not tell consumers that they could make claims for free to their lender or to the Financial Ombudsman Service without the need to use a CMC.
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. Our scheme is free and people don’t have to use a CMC or law firm. If they do, it’s important that they can trust them.”
To improve financial advertising standards, a joint taskforce has recently been formed back by the FCA, the Solicitors Regulation Authority, the Advertising Standards Authority and the Information Commissioner’s Office.
The FCA said that following a crackdown CMCs have removed or amended 899 misleading adverts since January 2024.