Close Brothers Motor Finance has been providing car finance to residents in Suffolk since 6 April 2007, and the financial regulatory timeline affecting these agreements continues through 1 November 2024. With an estimated 12.1 million eligible agreements (FCA, March 2026) across the UK, it is likely that around 71914 individuals in Suffolk may be impacted by issues related to car finance provided by Close Brothers Motor Finance.
Close Brothers Motor Finance Finance Agreements in Suffolk
Close Brothers Motor Finance operates within a regulatory environment set forth by the Financial Conduct Authority (FCA), and as of November 2024, an estimated £7.5 billion (FCA, March 2026) is attributed to problematic agreements across the UK. Given that Suffolk's population is approximately 761,000 (ONS Census 2021), a significant number of residents in this county may have been involved in car finance arrangements with Close Brothers Motor Finance during the period from 6 April 2007 to 1 November 2024. These agreements could include financing for various types of vehicles, such as passenger cars, commercial vans, and motorcycles.
Suffolk's diverse economy includes agriculture, tourism, and manufacturing sectors, which may have driven demand for car finance services from Close Brothers Motor Finance among both individuals and small businesses. The potential impact on Suffolk residents underscores the importance of understanding their rights and options in addressing any issues related to these agreements.
How to Complain to Close Brothers Motor Finance from Suffolk
Residents in Suffolk who believe they are affected by problematic car finance agreements with Close Brothers Motor Finance can submit a complaint directly to the lender for free. The process is straightforward, and Close Brothers Motor Finance provides an online complaints form available at https://www.closemotorfinance.co.uk/complaints. This direct approach allows individuals to address any concerns without the need for a claims management company.
Suffolk residents should gather relevant documentation such as loan agreements, payment history, and correspondence with Close Brothers Motor Finance before initiating their complaint. It is crucial to ensure that all details are accurate and complete when submitting a complaint directly through Close Brothers Motor Finance’s website.
What Suffolk Residents Should Do Next
After gathering necessary documents and reviewing the dates of any problematic car finance agreements, Suffolk residents should proceed by filing a direct complaint with Close Brothers Motor Finance. This process ensures that individuals can address their concerns without incurring additional fees or relying on third-party services.
Close Brothers Motor Finance has set aside £300 million (FCA estimate) to cover potential redress payments for affected customers across the UK. By submitting a complaint directly, Suffolk residents can participate in this redress scheme and potentially receive fair compensation for any issues related to their car finance agreements.
Sources and References
- Financial Conduct Authority (FCA). (2024). Regulatory timeline affecting motor finance agreements.
- Office for National Statistics (ONS). (2021). Census 2021: Population estimates.
- Close Brothers Group. (n.d.). Complaints process for car finance customers.
How Many People in Suffolk Are Affected?
Based on Suffolk's population of approximately 760,000, an estimated 158,805 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.13% 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).