The MV Agusta Turismo Veloce was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the FCA investigation period from 6 April 2007 to 1 November 2024. This luxury motorbike, known for its performance and distinctive design, often found itself part of financial arrangements that may have been mis-sold according to recent rulings.
How the MV Agusta Turismo Veloce was Typically Financed
The MV Agusta Turismo Veloce, a high-performance motorcycle designed for both style and speed, was frequently financed through PCP or HP agreements. Typical finance amounts ranged from £5,000 to £15,000 (FCA estimate), with terms often spanning 36 to 48 months. Common lenders providing finance included
Black Horse,
Close Brothers Motor Finance,
MotoNovo Finance, and
Moneybarn.
In a PCP agreement, borrowers would pay monthly instalments over the term of the loan while also agreeing to a final balloon payment at the end of the contract. This balloon payment covers the residual value of the motorcycle and is usually significantly higher than the average monthly payments. For the MV Agusta Turismo Veloce, this meant that many buyers were left with substantial financial obligations at the end of their finance term.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into
discretionary commission arrangements made by motor finance lenders during the period from 6 April 2007 to 1 November 2024. These arrangements involved payments that were not transparently disclosed, potentially leading to overcharging of customers. The FCA estimated that 12.1 million eligible agreements (FCA, March 2026) across £7.5 billion (FCA, March 2026) in total value (FCA estimate) may have been affected by these practices.
The investigation found that many lenders had engaged in discretionary commission arrangements that resulted in higher finance costs for consumers, often without their knowledge or consent. The average customer could be overcharged by as much as £829 (FCA estimate), significantly impacting the affordability and total cost of financing a vehicle like the MV Agusta Turismo Veloce.
How to Check Your Agreement Look for any references to discretionary commission payments or unusual fee structures. The relevant dates are 6 April 2007 to 1 November 2024, so agreements made during this period are particularly important.
One key term to watch out for is "DCA," which stands for Discretionary Commission Arrangement. If your agreement includes any mention of DCA or similar terms, it may have been affected by the investigation. Consulting with a financial advisor can also help clarify if your finance deal was impacted and what steps you should take next.
If you suspect that your finance arrangement for an MV Agusta Turismo Veloce has been mis-sold, you do not need a
[claims management company](https://mlj.org.uk/guides/complaints-about-claims-management-companies). You can complain directly to your lender at no cost. Common lenders for this model include Black Horse, Close Brothers Motor Finance, MotoNovo Finance, and Moneybarn.
To initiate the complaint process:
- Gather Documentation: Collect all relevant documents such as loan agreements, payment receipts, and any correspondence with the lender.
- Contact Your Lender: Reach out to your finance provider either by phone or in writing. Explain that you are raising a formal complaint about potential mis-selling under the FCA investigation period.
- Follow Up: If you do not receive a response within 8 weeks, escalate your complaint to the Financial Ombudsman Service (FOS).
You can complain directly to your lender for free and seek resolution without involving any third-party claims management companies.
Sources and References
- Financial Conduct Authority (FCA)
- Office of National Statistics Census (ONS Census 2021)