The MG Cyberster, a sleek sports car with futuristic design elements, was commonly sold on
Personal Contract Purchase (PCP) and
Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period from 6 April 2007 to 1 November 2024. This investigation revealed widespread mis-selling practices in the motor finance industry that affected millions of consumers, including those who financed their MG Cyberster through these agreements.
How the MG Cyberster was Typically Financed
The MG Cyberster was often purchased on PCP and HP agreements with typical loan amounts ranging from £15,000 to £30,000. Common finance providers for the MG Cyberster included
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance. These agreements typically had terms of 36 to 48 months, with some PCP deals involving balloon payments at the end of the term.
The FCA Motor Finance Investigation
The FCA investigation uncovered significant issues related to
discretionary commission arrangements (DCAs) in motor finance agreements. It was found that financial institutions paid dealerships additional commissions on top of their standard fees for selling motor finance products. This practice incentivised lenders and dealers to sell more expensive or inappropriate finance deals, often resulting in consumers paying far more than necessary.
The investigation revealed that 12.1 million eligible agreements (FCA, March 2026) by these practices (FCA estimate), with a total mis-sold amount of £7.5 billion (FCA, March 2026). On average, each affected agreement was overcharged by around £829 (FCA estimate).
How to Check Your Agreement Key things to check include:
- The name of the lender involved in your agreement.
- Whether your finance was arranged through a DCA (Discretionary Commission Arrangement).
- Dates: agreements made between 6 April 2007 and 1 November 2024 are particularly relevant.
If you suspect that your finance deal may have been affected, it is important to gather all relevant documentation such as the agreement letter, loan schedule, and any additional paperwork related to your MG Cyberster purchase. This information will help you make a formal complaint to your lender.
You do not need a
claims management company to complain about your motor finance agreement. Common lenders such as Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance all have dedicated teams to handle customer complaints.
To start the complaint process, contact your lender directly through their official channels. Provide them with detailed information regarding your MG Cyberster purchase and any concerns you have about potential mis-selling practices. Keep records of all communications and follow up regularly if necessary.
You can complain directly to your lender for free without incurring additional costs or fees associated with claims management companies.
Sources and References
- Financial Conduct Authority (FCA) estimates
- Office for National Statistics (ONS) Census 2021
Based on 2,413 MOT tests conducted in 2024 (source: DVSA anonymised test data), the MG B has a pass rate of 86.0%. This is above the national average of 79.6%, meaning the B performs well in MOT testing.
The B pass rate is in line with the overall MG average of 85.4%. The average mileage at MOT for this model is 44,333 miles.
- MOT pass rate: 86.0%
- MOT failure rate: 14.0%
- Tests analysed: 2,413 (2024 DVSA data)
- Average mileage at test: 44,333 miles
- MG average pass rate: 85.4%
- National average pass rate: 79.6%
Data source: DVSA anonymised MOT test results 2024, published under the Open Government Licence v3.0.