UK regulators launch joint taskforce to crack down on poor practice in motor finance claims

The UK Financial Conduct Authority (FCA) has announced the launch of a joint regulatory taskforce with the UK Solicitors Regulation Authority, Information Commissioner's Office and Advertising Standards Authority to tackle poor practices in motor finance claims handling by some claims management companies and law firms. The taskforce will share intelligence and take coordinated enforcement action to mitigate harm to consumers, including by tackling unsolicited and misleading advertising, meritless claims, multiple representation and unfair exit fees. The announcement comes as the FCA published its final policy statement on the motor finance redress scheme, which is covered separately in the UK FCA final policy introducing a motor finance redress scheme.

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