Close Brothers Motor Finance and residents of Hertfordshire may be directly impacted by regulatory actions concerning motor finance agreements. The Financial Conduct Authority (FCA) has identified a significant number of car finance agreements in the UK as potentially affected, with 12.1 million eligible agreements (FCA, March 2026) estimated to have been issued between 6 April 2007 and 1 November 2024, totalling £7.5 billion (FCA, March 2026). Hertfordshire, home to approximately 1,197,000 residents (ONS Census 2021), could see as many as 113,116 individuals potentially affected by these issues.
Close Brothers Motor Finance Finance Agreements in Hertfordshire
Close Brothers Motor Finance is part of the Close Brothers Group and has been a significant player in providing car finance to residents across the UK. In Hertfordshire specifically, many individuals have financed their vehicles through this company. The FCA has identified issues related to discretionary commission arrangements (DCA) that may affect these agreements. This means that customers who entered into motor finance contracts during the specified period could be eligible for redress.
Close Brothers Motor Finance has set aside £300 million in provisions for motor finance redress, indicating a substantial number of affected customers. The FCA estimates an average claim value of £829 (FCA estimate), making it crucial for Hertfordshire residents to check if they are eligible and understand the process.
How to Complain to Close Brothers Motor Finance from Hertfordshire
Residents in Hertfordshire can complain directly to Close Brothers Motor Finance without needing a claims management company. The official complaint URL is https://www.closemotorfinance.co.uk/complaints, where customers can find detailed information and guidance on the process. It's important to note that this service is free of charge and does not require any upfront payment.
You do not need a claims management company to complain to your lender against Close Brothers Motor Finance for motor finance issues in Hertfordshire. This direct approach ensures transparency and efficiency, allowing customers to receive redress directly from the lender.
What Hertfordshire Residents Should Do Next
Hertfordshire residents who suspect they may be affected by the FCA's regulatory actions should take several steps to ensure a smooth process:
- Gather Documentation: Collect any relevant documents such as loan agreements, payment schedules, and correspondence with Close Brothers Motor Finance.
- Check Dates: Verify that your car finance agreement falls within the specified period from 6 April 2007 to 1 November 2024.
- Complain Directly: Submit a complaint directly through Close Brothers Motor Finance's official complaint process at https://www.closemotorfinance.co.uk/complaints.
By following these steps, residents can ensure they receive the appropriate redress without incurring additional costs or delays.
Sources and References
- Financial Conduct Authority (FCA), 2024
- Office for National Statistics (ONS) Census 2021
How Many People in Hertfordshire Are Affected?
Based on Hertfordshire'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.
Close Brothers Motor Finance is registered at Companies House (company number 00520241) with a status of active. The company was incorporated on 1953-06-03. Its registered office is at 10 Crown Place, London, EC2A 4FT. The company currently has 9 directors.
Close Brothers Motor Finance Complaint Statistics
According to the Financial Ombudsman Service, Close Brothers Motor Finance received 10 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
Close Brothers Motor Finance's FCA reference number is 931092 (status: Appointed representative - introducer).