How many residents in Worcestershire may be affected by the Close Brothers Motor Finance car finance scandal, and what steps should they take if they suspect issues with their agreements?
Close Brothers Motor Finance, a significant player in the UK's motor finance industry, has been at the centre of a growing controversy that could affect numerous individuals across Worcestershire. Given the population of approximately 604,000 residents (ONS Census 2021), an estimated 57078 residents may be impacted by the issues surrounding car finance agreements from 6 April 2007 to 1 November 2024. The Financial Conduct Authority (FCA) has estimated that 12.1 million eligible agreements (FCA, March 2026) during this period, involving a total of £7.5 billion (FCA, March 2026) and an average repayment amount of £829 per agreement (FCA estimate).
Close Brothers Motor Finance Finance Agreements in Worcestershire
Close Brothers Motor Finance's car finance agreements may have been affected by issues related to discretionary commission arrangements (DCA), which could lead to overcharging or unfair practices. The company is part of the larger Close Brothers Group, a UK-based financial services group that offers various financing options for vehicles and equipment.
Worcestershire residents who financed their cars through Close Brothers Motor Finance during this period may have been involved in agreements covering a wide range of vehicle types—from new to used cars, vans, and even motorcycles. The FCA's investigation highlighted the potential for significant overcharging, with an average repayment amount of £829 (FCA estimate).
How to Complain to Close Brothers Motor Finance from Worcestershire
Worcestershire residents concerned about their car finance agreements should first approach Close Brothers Motor Finance directly and submit a complaint via their dedicated complaints page at https://www.closemotorfinance.co.uk/complaints. It is crucial for individuals to remember that it is entirely free to complain directly to the lender without involving any claims management company, as stipulated by regulatory bodies such as the FCA.
Residents should gather relevant documents, including loan agreements, payment receipts, and communication records with Close Brothers Motor Finance, before submitting their complaint. This process allows lenders to review cases promptly and provide appropriate redress if necessary.
What Worcestershire Residents Should Do Next
After gathering all pertinent documentation and checking that the agreement falls within the specified period (6 April 2007 to 1 November 2024), residents should proceed with submitting their complaint to Close Brothers Motor Finance. The lender has set aside £300 million in provisions specifically for motor finance redress, indicating a commitment to addressing potential issues.
By following this timeline-based approach, Worcestershire residents can ensure that they are taking the necessary steps to address any concerns related to their car finance agreements with Close Brothers Motor Finance effectively and efficiently. Remember, seeking direct resolution from the lender is often quicker and more straightforward than involving external parties or claims management companies.
Sources and References
- Financial Conduct Authority (FCA), 2024
- ONS Census 2021
How Many People in Worcestershire Are Affected?
Based on Worcestershire's population of approximately 590,000, an estimated 123,283 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 0.88% 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).