Motor Commission Claim With Family Finance
We are aware that you have more than one claims management company acting on your behalf in relation to a potential* motor finance commission claim.
The Financial Conduct Authority (FCA) has recently issued guidance explaining that a customer can only have one company act for them on each claim. Because of this, the FCA has asked firms to contact customers who may be represented by more than one company, so that the customer can decide how they would like to proceed.
You can choose:
- One of the companies, or if you prefer
- Have no company act for you and deal with the claim yourself.
Please be aware that if you decide not to continue with a company, that company may charge a fee for work they have already done. Any such fee should be reasonable and based only on the work completed. The FCA plan to make it easy for you to make you own claim and you will not have to pay any commission.
Once you have told us your decision, we will:
- Notify all of the CMCs you are registered with of your decision
- Communicate directly with your chosen company (if any)
- Close all other complaints.
If you find this process confusing or need help understanding your options, please let us know 01495 717171 and we will be happy to help.
What we need you to do
Please complete the very short questionnaire below to tell us who you would like to manage your potential claim.
Helpful information
The FCA has shared the following guidance for customers:
• You do not have to use a claims management company or law firm to make a claim.
• If you do use a representative, they should have clearly explained your options before you signed up.
• If more than one company is involved, the firms should work together and check with you which one you want to act for you.
• If you cancel a company’s services, you may be asked to pay a fee for work already done.
• Any fee should be fair, reasonable, and clearly explained.
• If you are unhappy with how a company treated you, you can complain to them first and then to the Claims Management Ombudsman or Legal Ombudsman if needed.
You can read more about this guidance in the FCA’s joint warning with the Solicitors Regulation Authority. FCA and SRA issue joint warning to firms representing motor finance commission claims | FCA
* We refer to this as a “potential” claim because the FCA has not yet confirmed the final remediation scheme. Once this is published, we will contact you (or your chosen representative) to let you know whether you are entitled to any remediation.