Secure Trust Bank has been in the spotlight recently due to an investigation by the Financial Conduct Authority (FCA) into discretionary commission arrangements within the motor finance industry. This scrutiny is part of a broader FCA review that affects millions of agreements made between 6 April 2007 and 1 November 2024, with Secure Trust Bank being one of several lenders involved in this extensive probe.
Latest: The FCA has confirmed the car finance compensation scheme on 30 March 2026. 12.1 million agreements are eligible, with an FCA-estimated scheme average of £829 per eligible agreement. Read the full details.
Who is Secure Trust Bank?
Secure Trust Bank PLC, the parent company of Secure Trust Bank, is a well-known financial institution that provides various types of financing solutions, including motor finance for cars. The bank operates under the brand name V12 Vehicle Finance as well, catering to a wide range of customers looking to purchase vehicles through convenient financing options.
What Happened?
The FCA launched an investigation into discretionary commission arrangements within the motor finance industry in 2023, focusing on how lenders like Secure Trust Bank handled these commissions. The investigation aimed to uncover whether such arrangements were unfair or misleading and if they led to financial harm for customers who took out motor finance agreements during the specified period.
How Many People Are Affected?
According to the FCA's estimates, this investigation could affect 12.1 million eligible agreements (FCA, March 2026) made between 6 April 2007 and 1 November 2024. The total estimated redress for affected customers is £7.5 billion (FCA estimate), with an FCA-estimated average of £829 per eligible agreement. This investigation highlights the significant impact that discretionary commission arrangements may have had on motor finance agreements over the years.
If you believe that your motor finance agreement with Secure Trust Bank was affected by these discretionary commission arrangements, it is important to file a complaint directly with the bank. You can do this for free at their dedicated complaints page: https://www.securetrustbank.com/complaints.
To lodge a formal complaint, contact Secure Trust Bank through one of the following methods:
- Phone: 0121 693 9100
- Email: complaints@securetrustbank.com
- Post: Secure Trust Bank, One Arleston Way, Solihull B90 4LH
You can complain to Secure Trust Bank directly for free at https://www.securetrustbank.com/complaints - you do not need a claims management company.
What to Do Next?
Before filing your complaint with Secure Trust Bank, it is advisable to gather relevant documents and information. This includes any correspondence related to your motor finance agreement, the dates of when you signed the contract, and details about the discretionary commission arrangements that may have been in place at the time.
Review your motor finance agreement carefully to ensure that all the terms are clear and understand how these discretionary commissions might have impacted your financial situation. Once you have all necessary documentation, proceed with filing a formal complaint through Secure Trust Bank's designated channels.
Timeline
After submitting your complaint to Secure Trust Bank, you should receive an acknowledgment within three business days. The bank is required by law to respond to your complaint in writing within eight weeks of receipt. If you do not hear back from the bank after this period or if you are dissatisfied with their response, you can escalate your case to the Financial Ombudsman Service (FOS).
The FOS provides an independent service for resolving disputes between consumers and financial companies. You should refer to the FCA guidelines on when and how to escalate a complaint to the FOS.
By following these steps and understanding the process, you can take proactive measures to address any concerns related to discretionary commission arrangements with Secure Trust Bank. Remember, it is always best to handle complaints directly without involving third-party claims management companies, as filing your own complaint ensures that you maintain full control over the resolution process.
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MLJ.org.uk (mlj.org.uk) is a free, independent information service. We are not a claims management company, solicitor, law firm, or financial adviser. We do not handle complaints, process claims, charge fees, or accept any percentage of compensation. This information does not constitute legal or financial advice. You can complain to your lender directly for free. You do not need a claims management company. If your lender rejects your complaint, you can escalate to the Financial Ombudsman Service at no cost. For personalised legal or financial advice, consult a qualified professional.