The Financial Conduct Authority (FCA) has taken regulatory action regarding car finance agreements issued between 6 April 2007 and 1 November 2024, affecting both Black Horse and residents of Wales. The FCA's findings have led to significant changes in how car finance claims are handled, particularly as it pertains to the £7.5 billion (FCA, March 2026) total compensation estimated by the regulator for affected individuals (FCA estimate). This issue is especially relevant in Wales, where an estimated 9% of the population may be impacted by these agreements.
Black Horse Finance Agreements in Wales
An estimated 293,659 residents in Wales are potentially affected by car finance agreements issued during the specified period (ONS/FCA estimate), which accounts for approximately 9.45% of the total Welsh population of around 3,107,500 as recorded by the ONS Census 2021. The types of vehicles financed include a wide range of cars and commercial vehicles, with many individuals opting for personal contract purchase (PCP) or hire purchase (HP) agreements through Black Horse.
Black Horse, part of Lloyds Banking Group, has set aside approximately £2 billion in provisions specifically to address redress payments related to these car finance claims. The scale of the issue underscores the importance of Welsh residents understanding their rights and how they can seek redress directly from the lender without involving a claims management company.
Residents in Wales who believe they have been affected by inappropriate car finance agreements issued during the specified period can complain directly to Black Horse for free. The process is straightforward, with no need to hire expensive solicitors or use third-party services. To start a complaint, residents should visit the dedicated complaints page on Black Horse’s website at https://www.blackhorse.co.uk/complaints.
Complaining directly to Black Horse not only saves individuals from potential fees but also ensures that they receive fair and prompt consideration of their case. The lender has established robust procedures for handling these claims efficiently, aiming to provide a clear and transparent resolution process for all affected customers.
What Wales Residents Should Do Next
Before initiating a complaint with Black Horse, Welsh residents should gather any relevant documentation related to their car finance agreement, such as loan agreements, correspondence from the lender, and proof of payments. It is also important to check the dates of the agreement to ensure it falls within the period specified by the FCA (6 April 2007 to 1 November 2024).
Once all necessary documentation has been assembled, residents should proceed with submitting a complaint directly through Black Horse’s dedicated complaints page. By doing so, they can avoid unnecessary costs associated with third-party claims management companies and ensure that their case is handled promptly and fairly.
Sources and References
- Financial Conduct Authority (FCA)
- Office for National Statistics (ONS) Census 2021
- Lloyds Banking Group
- FCA estimate of £7.5 billion (FCA, March 2026) total compensation
- ONS/FCA estimate of affected residents in Wales
How Many People in Wales Are Affected?
Based on Wales's population of approximately 3,100,000, an estimated 647,761 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 4.63% of the UK total of 12.1 million eligible agreements.
Black Horse is registered at Companies House (company number 00661204) with a status of active. The company was incorporated on 1960-06-01. Its registered office is at 25 Gresham Street, London, EC2V 7HN. The company currently has 6 directors.
Black Horse Complaint Statistics
According to the Financial Ombudsman Service, Black Horse received 25 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
Black Horse's FCA reference number is 157429 (status: No longer authorised).