News

UK FCA publicly names firm under investigation

09 January 2026

The Financial Conduct Authority (FCA) has publicly named a firm under investigation under its “exceptional circumstances” test. This is the first time the FCA has done this since it abandoned its proposals to change this test to a looser “public interest” test.

The company under FCA investigation is The Claims Protection Agency Ltd (TCPA), a claims management company which handles motor finance commission complaints.

TCPA had challenged the FCA's decision to publicly name it by way of judicial review, but the Administrative Court upheld the FCA's decision. The Court handed down its judgment in two parts. Part one, released in October 2025, was anonymised to preserve TCPA's identity while it applied for permission to appeal to the Court of Appeal. When permission was refused, the Court released part two earlier this month, identifying TCPA. The FCA announcement then followed.

The FCA's investigation relates to potential breaches of FCA rules, including advertisements which may have misled customers as to the potential amount of compensation they might receive, and which the FCA considers may have failed to adequately describe the free alternative routes available to consumers to claim compensation. The FCA are also investigating potential high-pressure selling tactics and inadequate arrangements to identify and protect vulnerable customers.

Elaine Penrose, partner in our London Financial Services Litigation and Investigations team, shares her perspective on this development in Compliance Corylated, which can be accessed here:

Please note: the linked article is hosted on an external website.

Authored by Daniela Vella and Elaine Penrose.