The Financial Conduct Authority (FCA) has implemented regulatory action following an investigation into the practices of various lenders, including Bank of Ireland Finance, regarding car finance agreements. This move is particularly significant for residents in Surrey, who may have been affected by these practices during the period from 6 April 2007 to 1 November 2024.
Bank of Ireland Finance Car Finance Agreements in Surrey
According to FCA estimates, approximately 113,684 residents in Surrey might be impacted by the car finance agreements issued between 6 April 2007 and 1 November 2024. These agreements often involved vehicles ranging from small city cars to larger family models and SUVs. Many of these agreements were associated with a "discretionary commission arrangement" (DCA), which could have resulted in higher interest rates for borrowers.
The FCA estimates that 12.1 million eligible agreements across the UK may be affected by these practices, leading to an estimated £7.5 billion (FCA, March 2026) total in redress payments and an average of £829 per customer (FCA estimate). Given Surrey's population of approximately 1.2 million residents (ONS Census 2021), it is clear that a significant number of individuals may be covered by the FCA redress scheme.
How to Complain to Bank of Ireland Finance from Surrey
Surrey residents who suspect they have been affected by unfair practices in their car finance agreements can file a complaint directly with Bank of Ireland Finance. The process is straightforward and free, as residents do not need to use the services of a claims management company. To initiate a complaint, individuals should visit Bank of Ireland's dedicated help centre page at https://personalbanking.bankofireland.com/help-centre/complaints/. This direct approach allows customers to communicate their concerns directly with the lender, ensuring that they receive the necessary support and redress.
What Surrey Residents Should Do Next
Before initiating a complaint, it is important for Surrey residents to gather all relevant documents related to their car finance agreements. This includes loan contracts, payment records, and any correspondence with Bank of Ireland Finance or other parties involved in the arrangement. Additionally, it is crucial to check the dates on these documents to ensure that they fall within the affected period from 6 April 2007 to 1 November 2024.
By taking a proactive approach and collecting evidence first, Surrey residents can strengthen their case when filing complaints directly with Bank of Ireland Finance. This ensures that any redress payments will be based on accurate information and reduces the likelihood of delays or misunderstandings during the process.
Sources and References
- Financial Conduct Authority (FCA) estimates: 12.1 million eligible agreements (FCA, March 2026) (£7.5 billion (FCA, March 2026) total, £829 average per eligible agreement)
- Office for National Statistics (ONS) Census 2021
- Bank of Ireland Finance complaint URL: https://personalbanking.bankofireland.com/help-centre/complaints/
- Surrey population estimate: ONS Census 2021
How Many People in Surrey Are Affected?
Based on Surrey's population of approximately 1,200,000, an estimated 250,746 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.79% 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).