Close Brothers Motor Finance, which is part of the Close Brothers Group, has been at the centre of motor finance claims affecting residents in South West. According to data from the Financial Conduct Authority (FCA), an estimated 539,784 individuals in the South West may be affected by issues related to car finance agreements between 6 April 2007 and 1 November 2024.
Close Brothers Motor Finance Finance Agreements in South West
The South West region, with a population of approximately 5.7 million (ONS Census 2021), has seen a significant number of individuals affected by motor finance agreements issued by Close Brothers Motor Finance during the specified period. According to FCA estimates, 12.1 million eligible agreements across the UK may have been impacted by issues such as discretionary commission arrangements (DCA) and other regulatory concerns.
Close Brothers Motor Finance's operations in South West would likely encompass a variety of vehicle types, including cars, vans, motorcycles, and commercial vehicles. The affected individuals are estimated to owe an average of £829 each (FCA estimate), with a total of £7.5 billion (FCA, March 2026) in outstanding amounts (FCA estimate). This underscores the magnitude of the issue for local residents who may need to address these concerns.
How to Complain to Close Brothers Motor Finance from South West
South West residents affected by motor finance agreements can complain directly to Close Brothers Motor Finance without involving a claims management company. To initiate this process, individuals should visit the dedicated complaints page on the Close Brothers Motor Finance website: https://www.closemotorfinance.co.uk/complaints. The service is free of charge and does not require any additional fees or costs.
Residents are encouraged to provide detailed information about their cases when submitting a complaint, including relevant documentation such as loan agreements, payment records, and correspondence with Close Brothers Motor Finance. By following these steps, South West residents can ensure that they receive fair redress for any issues related to their car finance agreements.
What South West Residents Should Do Next
To address potential motor finance claims effectively, South West residents should gather all relevant documents and check the dates of their finance agreements to confirm if they fall within the specified period. It is crucial to review loan terms carefully and seek legal advice if necessary to understand one's rights fully. Close Brothers Motor Finance has set aside £300 million in provisions for motor finance redress, indicating a commitment to addressing these issues.
Residents should also consider contacting their local financial advisors or consumer protection agencies for additional guidance on how to proceed with complaints against Close Brothers Motor Finance. By taking proactive steps and using the resources available from Close Brothers Motor Finance directly, South West residents can seek resolution without incurring unnecessary expenses.
Sources and References
- Financial Conduct Authority (FCA), 2024
- Office of National Statistics (ONS) Census 2021
How Many People in South West Are Affected?
Based on South West's population of approximately 5,700,000, an estimated 1,191,044 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 8.51% 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).