The Financial Conduct Authority (FCA) recently took regulatory action against several lenders for issues related to car finance, affecting millions of consumers across the UK. Close Brothers Motor Finance, part of the Close Brothers Group, is one such lender that has been impacted by these changes, particularly in regions like the South East. With an estimated 876,771 residents potentially affected in the South East (ONS/FCA estimate), it's crucial for local consumers to understand their rights and how they can seek redress.
Close Brothers Motor Finance Finance Agreements in South East
An estimated 12.1 million eligible agreements were issued between 6 April 2007 and 1 November 2024, many of which may have involved individuals living in the South East (FCA estimate). These agreements could include a variety of vehicles such as cars, vans, and motorcycles. The total value of these affected agreements is estimated at £7.5 billion (FCA, March 2026), with an average agreement being worth around £829 (FCA estimate).
Close Brothers Motor Finance's issues stem from the way they structured their discretionary commission arrangement (DCA), which led to overcharging some customers. This arrangement allowed for additional payments beyond what was explicitly stated in the contract, often unbeknownst to borrowers.
How to Complain to Close Brothers Motor Finance from South East
South East residents who believe they have been affected by Close Brothers Motor Finance's DCA issues can complain directly to the lender at https://www.closemotorfinance.co.uk/complaints. This process is free and does not require a claims management company, as customers are encouraged to handle complaints independently.
Residents should gather all relevant documentation such as loan agreements, payment receipts, and any correspondence with the lender. It's important to check that your agreement falls within the specified period and that you have experienced an issue related to overcharging or incorrect commission calculations.
What South East Residents Should Do Next
Before complaining to Close Brothers Motor Finance, it is advisable for residents to gather all necessary documents and verify the dates of their agreements. If you suspect that you may be one of the affected individuals, reviewing your car finance agreement can help identify discrepancies in payment terms or additional charges that should not have been applied.
Residents who decide to complain directly to Close Brothers Motor Finance should follow a decision tree approach to ensure they cover all necessary steps:
- Review Documentation: Ensure you have copies of all relevant documents.
- Contact Close Brothers Motor Finance: Use the dedicated complaints portal at https://www.closemotorfinance.co.uk/complaints and provide detailed information about your concerns.
- Follow Up: Keep records of any communication and follow up if necessary.
You do not need a claims management company to handle your complaint; you can manage it directly with Close Brothers Motor Finance for free, making the process more straightforward and cost-effective.
Sources and References
- Financial Conduct Authority (FCA) figures: 12.1 million eligible agreements (FCA, March 2026) (£7.5 billion (FCA, March 2026) total, £829 average per eligible agreement) (FCA estimate).
- ONS Census 2021: Population of South East approximately 9,278,000.
- Close Brothers Motor Finance complaint URL: https://www.closemotorfinance.co.uk/complaints
- FCA regulatory action against lenders for car finance issues.
How Many People in South East Are Affected?
Based on South East's population of approximately 9,300,000, an estimated 1,943,283 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 13.88% 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).