The Financial Conduct Authority (FCA) has recently taken regulatory action regarding car finance agreements issued by Close Brothers Motor Finance, which may impact residents in North East England. The period under review covers agreements issued between 6 April 2007 and 1 November 2024, and it is estimated that approximately 250,142 residents in the North East may be affected.
Close Brothers Motor Finance Car Finance Agreements in North East
Close Brothers Motor Finance operates extensively across the UK, including in the North East region. According to FCA estimates, the company has issued 12.1 million eligible agreements during the specified period, which could affect a significant portion of the North East’s population. Given that the North East has approximately 2,647,000 residents (ONS Census 2021), it is clear that many individuals in this region may be impacted by these arrangements.
The car finance agreements issued by Close Brothers Motor Finance cover a wide range of vehicles, including cars, vans, and motorcycles. Affected customers could face issues such as incorrect interest rates, overcharges on fees, or other financial discrepancies resulting from the discretionary commission arrangement (DCA). These issues can have significant implications for both individual finances and broader economic stability in the North East.
How to Complain to Close Brothers Motor Finance From North East
Residents of the North East who believe they may be affected by these car finance agreements should take proactive steps to address their concerns directly with Close Brothers Motor Finance. The company has established a dedicated complaints handling process, available at https://www.closemotorfinance.co.uk/complaints. This portal allows customers to submit their grievances free of charge, ensuring that the resolution process is accessible and straightforward.
It is important for North East residents to understand that they do not need to engage with claims management companies or other third-party intermediaries to file a complaint. Close Brothers Motor Finance has set aside £300 million in provisions specifically for motor finance redress, demonstrating their commitment to addressing these issues promptly and effectively. By using the direct complaint process provided by Close Brothers Motor Finance, customers can ensure that their concerns are heard directly and without additional costs.
What North East Residents Should Do Next
To initiate the complaints process with Close Brothers Motor Finance, residents in the North East should gather all relevant documentation related to their car finance agreements. This includes loan contracts, payment receipts, and any other correspondence or communications with the lender. It is crucial for customers to check that their agreements fall within the specified period (6 April 2007 to 1 November 2024) before submitting a complaint.
Once all necessary documents are collected, individuals should visit Close Brothers Motor Finance’s dedicated complaints page and follow the instructions provided there. The process involves completing an online form detailing the nature of the issue and providing any supporting evidence. This direct approach ensures that customers can seek redress without incurring additional fees or engaging with third-party intermediaries.
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
- ONS Census 2021
- Close Brothers Motor Finance's complaint URL: https://www.closemotorfinance.co.uk/complaints
How Many People in North East Are Affected?
Based on North East's population of approximately 2,700,000, an estimated 564,179 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 4.03% 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).
You can complain to your lender directly for free. You do not need a claims management company to check whether you are owed compensation.