On 4 February 2025, the Financial Conduct Authority (FCA) and Solicitors Regulation Authority issued a joint message warning claims management companies and law firms (representatives) involved in motor finance claims to make sure clients don’t have multiple representatives for the same claim and are not charged excessive termination fees. The FCA has also issued a Dear CEO letter to motor finance lenders setting out the steps they should take to address the growing risk of harm relating to complaints where there is more than one professional representative appointed for the same motor finance complaint.
