The Yamaha MT-09 is a popular sports naked motorcycle that 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 uncovered widespread mis-selling practices in motor finance arrangements, affecting millions of consumers across the UK.
How the Yamaha MT-09 was Typically Financed
The Yamaha MT-09 is often financed through various lenders including Black Horse, Close Brothers Motor Finance, MotoNovo Finance, and Moneybarn. These lenders commonly offer PCP agreements for terms ranging from 36 to 48 months, with finance amounts typically falling between £5,000 and £15,000 (FCA estimate). In a typical PCP agreement, customers make monthly payments while having the option to settle the balance at the end of the term or return the motorcycle. HP agreements, on the other hand, require full repayment within a set period without any balloon payment options.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into motor finance mis-selling practices that occurred between 2015 and 2024. This investigation focused on discretionary commission arrangements where lenders paid brokers for steering customers towards more expensive finance products, such as PCP agreements with higher interest rates or fees. The FCA found that 12.1 million eligible agreements (FCA, March 2026) by these practices (FCA estimate), amounting to a total of £7.5 billion (FCA, March 2026) in mis-sold motor finance (FCA estimate). On average, each customer overpaid by approximately £829 (FCA estimate) due to the misleading and unfair terms imposed on them.
How to Check Your Agreement Look for any clauses mentioning "discretionary commission" or "DCA," which stands for Discretionary Commission Arrangement. check if the agreement was signed between 6 April 2007 and 1 November 2024 (FCA estimate). If your finance agreement matches these criteria, there is a high likelihood that it falls under the FCA's investigation.
If you believe your Yamaha MT-09 finance agreement was mis-sold by one of the common lenders such as Black Horse, Close Brothers Motor Finance, MotoNovo Finance, or Moneybarn, you can initiate a complaint directly with them without any cost. Many consumers are mistakenly led to believe they need a claims management company to handle their complaints, but this is not necessary.
To begin your complaint process:
- Gather Documentation: Collect all relevant documents including the finance agreement, correspondence from the lender, and any evidence of mis-selling practices.
- Contact Your Lender: Reach out to your lender's customer service department either by phone or email to formally lodge a complaint. Clearly state that you are complaining about potential mis-selling under the FCA investigation.
- Follow Up: Keep track of all communication with your lender and follow up periodically if no response is received within 8 weeks as per regulatory guidelines.
- External Dispute Resolution (EDR): If your initial complaint does not resolve the issue, you can escalate it to an External Dispute Resolution service such as Financial Ombudsman Service (FOS).
You do not need a claims management company for this process; you are entitled to handle complaints directly and receive fair compensation if your agreement was mis-sold.
Sources and References
- Financial Conduct Authority. (2024). Motor Finance Investigation.
- Financial Ombudsman Service. (2024). External Dispute Resolution Guidelines.