The Financial Conduct Authority (FCA) has taken regulatory action against car finance agreements issued by Bank of Ireland Finance, affecting residents in the East of England. With an estimated 598,657 individuals potentially impacted across the region, it is crucial for East of England residents to understand their rights and how to seek redress directly from Bank of Ireland Finance.
Bank of Ireland Finance Car Finance Agreements in East of England
From 6 April 2007 to 1 November 2024, an estimated 12.1 million eligible agreements have been affected across the UK (FCA estimate). In the East of England alone, this means that a significant number of residents may be covered by the FCA redress scheme. These agreements involved various types of vehicles, including cars and light commercial vehicles. The East of England's population stands at approximately 6.335 million people (ONS Census 2021), making it one of the most populous regions in the UK.
How to Complain to Bank of Ireland Finance from East of England
East of England residents who believe they may have been affected by these car finance agreements can easily lodge a complaint directly with Bank of Ireland Finance. The process is straightforward and free of charge; there's no need for claims management companies or solicitors. To start the complaints procedure, visit the dedicated page on Bank of Ireland Finance’s website at https://personalbanking.bankofireland.com/help-centre/complaints/. Residents should gather all relevant documents such as loan agreements, payment records, and any correspondence with the lender before initiating their complaint.
What East of England Residents Should Do Next
Before lodging a complaint, East of England residents are advised to review the details of their car finance agreement carefully. Check if the agreement was issued during the period from 6 April 2007 to 1 November 2024 and gather any documents that support your claim. It is essential to understand that Bank of Ireland Finance has set aside £350 million in provisions specifically for redress payments (FCA estimate). This provision underscores their commitment to addressing the issues identified by the FCA.
Residents should also be aware that under a discretionary commission arrangement (DCA), some brokers may have been involved in arranging these car finance agreements. If you suspect this might apply, it is crucial to document any evidence related to broker involvement and include it with your complaint.
Sources and References
- Financial Conduct Authority (FCA) estimates: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total redress fund, FCA-estimated average of £829 per eligible agreement.
- ONS Census 2021 population figures for East of England
- Bank of Ireland Finance provisions set aside for car finance redress
By following these steps and using the resources provided by Bank of Ireland Finance, residents in the East of England can ensure they are able to seek fair compensation directly from the lender.
How Many People in East of England Are Affected?
Based on East of England's population of approximately 6,300,000, an estimated 1,316,417 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 9.4% of the UK total of 12.1 million eligible agreements.
Bank of Ireland Finance is registered at Companies House (company number 07022885) with a status of active. The company was incorporated on 2009-09-17. Its registered office is at 45 Gresham Street, London, EC2V 7EH, England. The company currently has 9 directors.
Bank of Ireland Finance Complaint Statistics
According to the Financial Ombudsman Service, Bank of Ireland Finance received 8 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
Bank of Ireland Finance's FCA reference number is 222848 (status: FSR-API-02-01-11).
You can [complain to your lender](https://mlj.org.uk/guides/how-to-complain-to-your-lender) directly for free. You do not need a claims management company to check whether you are owed compensation.