Fake car finance claims management firm texts exploiting FCA redress scheme

What is this scam?

Following the FCA's launch of its Motor Finance Consumer Redress Scheme in March 2026, a new wave of scam texts impersonates claims management companies, falsely telling recipients they are owed a specific sum — often around £2,487 — in mis-sold car finance compensation. Victims who engage are asked to provide personal details, bank account numbers, and sometimes upfront 'processing fees'. The FCA has confirmed there is no charge to use the genuine scheme and that anyone who bought a car on finance can check their eligibility directly at the FCA's official website.

Example scam message

Red flags to look out for

• The message creates urgency — threatening a fine, missed delivery, or account closure.
• Links lead to unofficial domains that don't match the real company's website.
• You weren't expecting this message and can't verify the event it references.
• It asks you to confirm payment details or personal information via a link.
• The sender's number or email address doesn't match the company's official contact.

What to do if you receive this

1. Do not transfer money — your bank will never ask you to move funds to a 'safe account'.
2. Hang up and call your bank directly on the number printed on the back of your card.
3. Report it to Action Fraud at actionfraud.police.uk.
4. If you've already transferred money, contact your bank immediately and ask about the APP fraud refund scheme.