Bank of Ireland Finance is currently addressing the aftermath of an FCA investigation into discretionary commission arrangements that began in 2016. This probe has affected millions of motor finance agreements across the UK, with estimates suggesting that as many as 12.1 million eligible agreements (FCA, March 2026) may be impacted and could result in £7.5 billion (FCA estimate) in redress payments to consumers.
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 Bank of Ireland Finance?
Bank of Ireland Finance operates under the broader umbrella of the Bank of Ireland Group, a well-established financial institution with a presence across several countries within Europe and beyond. The finance company provides motor finance solutions for individuals looking to purchase cars and vans, facilitating loans that help customers acquire vehicles without upfront payment.
What Happened
The Financial Conduct Authority (FCA) initiated an investigation into discretionary commission arrangements in the motor finance industry, which included Bank of Ireland Finance. This probe uncovered instances where lenders, including Bank of Ireland, may have paid commissions to retailers for recommending specific financing options that were not necessarily in consumers' best interests. The FCA found that these practices could lead to higher interest rates and fees for borrowers without any clear benefit.
How Many People Are Affected
The investigation's findings suggest that 12.1 million eligible agreements (FCA, March 2026) across the UK may have been affected by such discretionary commission arrangements from April 6, 2007, to November 1, 2024. The FCA has estimated a total redress amount of £7.5 billion (FCA estimate) with an average compensation per consumer at around £829 (FCA estimate). This substantial figure highlights the widespread nature and financial impact of the mis-selling issue.
How to Complain to Bank of Ireland Finance Directly
Consumers who believe they may have been affected by these practices can file a complaint directly with Bank of Ireland Finance without incurring any costs or needing to use a
claims management company. The company has established provisions for motor finance redress, setting aside £350 million (FCA estimate) specifically for this purpose.
To lodge your complaint, you can visit the dedicated complaints page at https://personalbanking.bankofireland.com/help-centre/complaints/. Alternatively, you can contact Bank of Ireland Finance by phone at 0345 850 5555 or write to them at Bow Bells House, 1 Bread Street, London EC4M 9BE.
What to Do Next
If you suspect that you may have been affected by the mis-selling practices identified in the FCA investigation, there are several steps you can take:
- Gather Documentation: Collect all relevant documents related to your motor finance agreement, including loan agreements, payment receipts, and correspondence with Bank of Ireland Finance or any associated retailers.
- Check Agreement Dates: Verify if your financing agreement falls within the period covered by the FCA investigation (April 6, 2007, to November 1, 2024). This will help you determine whether you are covered by the FCA redress scheme.
- Complain Directly: Submit a formal complaint to Bank of Ireland Finance through their dedicated complaints page or by using one of the contact methods mentioned above. Be sure to include all relevant details and documentation that support your case.
Timeline
Once you submit your complaint, Bank of Ireland Finance should acknowledge receipt within three business days and provide an estimated timeframe for resolution. In most cases, a decision on your complaint will be made within eight weeks. If you have not received a response or are dissatisfied with the outcome after this period, you can escalate your case to the
Financial Ombudsman Service (
FOS) for further review.
By taking these steps and understanding your rights as a consumer, you can ensure that any potential issues related to mis-sold motor finance agreements are addressed promptly and fairly. Remember, it is always advisable to handle complaints directly with Bank of Ireland Finance rather than relying on third-party services or claims management companies.
You can complain to your lender directly for free. You do not need a claims management company to check whether you are owed compensation.
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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.