Close Brothers Motor Finance has been the subject of significant scrutiny and financial redress in recent years, affecting car finance agreements across the UK. In Norfolk, an estimated 86,562 residents may be impacted by issues related to discretionary commission arrangements (DCAs) involving Close Brothers Motor Finance, with a total population of approximately 916,000 as per the ONS Census in 2021.
Close Brothers Motor Finance Finance Agreements in Norfolk
Close Brothers Motor Finance has been involved in car finance agreements across Norfolk since 6 April 2007. The FCA estimates that 12.1 million eligible agreements (FCA, March 2026) by DCAs, with a total value of £7.5 billion (FCA, March 2026) and an average claim amount of £829 (FCA estimate). In Norfolk, the impact on residents has been significant, given the number of car finance agreements made during this period. Close Brothers Motor Finance's parent company, Close Brothers Group, has set aside £300 million in provisions for motor finance redress, reflecting the widespread nature of these issues.
The types of vehicles financed through Close Brothers Motor Finance range from personal cars to commercial vehicles. Many residents in Norfolk have used car finance agreements to purchase their primary mode of transportation or business equipment. Given the sizeable population and diverse needs of the county, it is crucial for affected individuals to understand their rights and how they can seek redress.
How to Complain to Close Brothers Motor Finance from Norfolk
Residents in Norfolk who suspect that their car finance agreement may have been impacted by DCAs with Close Brothers Motor Finance should consider filing a complaint directly with the lender. The process is straightforward and does not require the involvement of any claims management company, as you can complain for free at https://www.closemotorfinance.co.uk/complaints.
Close Brothers Motor Finance encourages affected individuals to gather necessary documentation such as loan agreements, correspondence with the lender, and payment records before initiating a complaint. By following these steps, Norfolk residents can ensure that their concerns are addressed efficiently and without unnecessary costs.
What Norfolk Residents Should Do Next
Norfolk residents who believe they have been affected by DCAs should take several proactive measures to protect their rights:
- Gather Documentation: Collect all relevant paperwork related to the car finance agreement, including loan contracts, payment records, and any communications with Close Brothers Motor Finance.
- Check Dates: Verify that your car finance agreement falls within the period from 6 April 2007 to 1 November 2024, as this is when DCAs were prevalent.
- Complain Directly: Submit a complaint directly through Close Brothers Motor Finance's official website or by contacting their customer service team.
By following these steps and engaging with Close Brothers Motor Finance directly, Norfolk residents can ensure that they receive fair treatment and compensation if applicable.
Sources and References
- Financial Conduct Authority (FCA)
- Office for National Statistics (ONS Census 2021)
- Close Brothers Motor Finance
- Financial Ombudsman Service (FOS)
How Many People in Norfolk Are Affected?
Based on Norfolk's population of approximately 900,000, an estimated 188,059 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.34% 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).