Close Brothers Motor Finance has been implicated in car finance agreements that may have affected thousands of residents in London. With an estimated 831,581 individuals potentially impacted within the city's population of approximately 8,799,800 (ONS Census 2021), it is crucial for those who financed their vehicles during the period from 6 April 2007 to 1 November 2024 to understand their rights and options. The Financial Conduct Authority (FCA) has determined that 12.1 million eligible agreements (FCA, March 2026) across the UK were affected, with an estimated total of £7.5 billion (FCA, March 2026) owed (FCA estimate), averaging about £829 per agreement (£829 average per eligible agreement).
Close Brothers Motor Finance Car Finance Agreements in London
London residents who financed their vehicles through Close Brothers Motor Finance may have been part of a larger issue that affected millions across the country. The FCA’s investigation revealed that many car finance agreements were governed by a Discretionary Commission Arrangement (DCA), which allowed lenders to charge higher fees than initially agreed upon, potentially leading to overcharging and mis-selling issues. As London is one of the largest cities in the UK with a significant number of vehicle owners, it stands to reason that a substantial portion of affected individuals reside within its boundaries.
The types of vehicles financed through Close Brothers Motor Finance during this period include everything from cars for personal use to commercial vehicles. This wide range reflects the diversity of car finance agreements and highlights why it is essential for London residents to review their contracts and ensure they have not been overcharged or mis-sold a product that did not meet their needs.
How to Complain to Close Brothers Motor Finance from London
London residents who believe they may be affected by this issue can complain directly to Close Brothers Motor Finance at no cost. The process is straightforward, and individuals can use the dedicated complaints page on their website (https://www.closemotorfinance.co.uk/complaints). By submitting a complaint through this channel, Londoners can seek redress without needing to involve a claims management company or solicitor. It is crucial to know that you do not need a claims management company to handle your claim for free; Close Brothers Motor Finance offers a direct and accessible avenue for resolving disputes.
What London Residents Should Do Next
If you suspect that you may have been affected by the issues surrounding car finance agreements, it is advisable to gather any relevant documents such as loan agreements, payment receipts, and correspondence with Close Brothers Motor Finance. Review these documents carefully to ensure that there are no discrepancies or overcharges. Once you have all your documentation ready, check the dates of your agreement to see if they fall within the FCA's specified period (6 April 2007 to 1 November 2024). If everything checks out and you believe a complaint is warranted, proceed directly to Close Brothers Motor Finance’s complaints page.
Sources and References
- Financial Conduct Authority (FCA), 2024
- Office for National Statistics (ONS) Census 2021
How Many People in London Are Affected?
Based on London's population of approximately 8,800,000, an estimated 1,838,805 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 13.13% 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).