Sheffield residents affected by Close Brothers Motor Finance’s car finance agreements may be covered by the FCA redress scheme., according to figures from the Financial Conduct Authority (FCA). An estimated 52,589 people in Sheffield could potentially benefit from a redress scheme established by Close Brothers Motor Finance following an investigation into their discretionary commission arrangement (DCA).
Close Brothers Motor Finance Finance Agreements in Sheffield
Close Brothers Motor Finance is part of the larger Close Brothers Group and has been involved in providing car finance to individuals across the UK, including Sheffield. The city’s population of approximately 556,500 residents means a significant number could have been impacted by the DCA scheme that operated from 6 April 2007 to 1 November 2024. According to FCA estimates, 12.1 million eligible agreements (FCA, March 2026) across the UK may be affected, totalling £7.5 billion (FCA, March 2026) in value with an FCA-estimated average of £829 per eligible agreement.
The types of vehicles financed through Close Brothers Motor Finance include cars, vans, and motorcycles, making it likely that a broad range of residents in Sheffield could have been involved. Given the city's diverse population and commuting needs, it’s reasonable to assume that many individuals who sought car finance from Close Brothers during this period may now be eligible for redress.
How to Complain to Close Brothers Motor Finance from Sheffield
Sheffield residents can complain directly to Close Brothers Motor Finance at their dedicated complaints website: https://www.closemotorfinance.co.uk/complaints. This process is free, and there is no need to engage a claims management company or solicitor. Complaints should be made promptly by gathering relevant documents and reviewing the agreement dates to ensure they fall within the specified period.
What Sheffield Residents Should Do Next
Sheffield residents who suspect that their car finance agreements with Close Brothers Motor Finance might have been affected should take the following steps:
- Gather Documents: Collect all relevant paperwork, including loan agreements, payment receipts, and any correspondence related to your car finance.
- Check Dates: Verify whether your agreement was signed between 6 April 2007 and 1 November 2024. This is the period when Close Brothers Motor Finance’s DCA scheme was in place.
- Make a Complaint: Submit your complaint directly via the official Close Brothers Motor Finance complaints page.
By taking these steps, Sheffield residents can ensure they receive fair compensation without the need for external claims management services.
Sources and References
- Financial Conduct Authority (FCA), 2024
- Office for National Statistics (ONS) Census 2021
How Many People in Sheffield Are Affected?
Based on Sheffield's population of approximately 580,000, an estimated 121,194 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 0.87% 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).