Laika motorhomes, known for their Italian craftsmanship, were 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 period saw a significant number of motor finance agreements being reviewed for potential mis-selling due to
discretionary commission arrangements that may have affected their terms and conditions.
How Laika Motorhomes Were Financed
Laika motorhome buyers often opted for financing through well-known lenders such as
Black Horse,
Close Brothers Motor Finance,
Lombard, and Billing Finance. These agreements typically included PCP or HP plans with fixed monthly payments over a period of 36 to 72 months.
During the FCA investigation, these finance agreements were scrutinised due to potential issues arising from discretionary commission arrangements that dealers might have received. These commissions could have incentivised dealers to push certain financing options, potentially leading to higher costs for consumers.
The FCA Motor Finance Investigation
The FCA’s motor finance mis-selling investigation uncovered significant concerns regarding the way discretionary commission arrangements were implemented across various lenders and dealerships. This led to an estimated 12.1 million eligible agreements (FCA, March 2026) being affected (FCA estimate), with a total of £7.5 billion in potential mis-sold motor finance contracts identified (FCA estimate). The FCA-estimated average per eligible agreement: £829.
The investigation highlighted the need for transparency and fairness in how motor finance products are sold to consumers, particularly in cases where discretionary commissions could have influenced the choice of financing options.
How to Check Your Agreement Key indicators include whether the agreement was made between 6 April 2007 and 1 November 2024 with one of the common lenders such as Black Horse, Close Brothers Motor Finance, Lombard, or Billing Finance.
You can also look for any unusual expenses or fees that were part of your contract. If you suspect mis-selling or discrepancies in your agreement, it is advisable to consult the FCA’s guidance on motor finance disputes and review the specific terms of your financing arrangement.
If you believe your Laika motorhome finance agreement was affected by the FCA investigation, you can complain directly to your lender free of charge. Common lenders such as Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance have dedicated teams to handle these complaints.
you do not need a
claims management company to pursue this matter. You should gather all relevant documentation related to your finance agreement and submit your complaint in writing or through their online portal. The lender will review your case and provide a response within the specified time frame, typically 8 weeks for complex cases.
Sources and References
- Financial Conduct Authority (FCA) estimates on motor finance agreements
- FOS guidance on handling complaints related to motor finance
Important: Towed caravans are NOT covered by the FCA motor finance scheme. Only self-propelled motorhomes with their own engine and drivetrain are in scope for the FCA investigation.
FCA Compensation: FCA Scheme Figures
The FCA confirmed on 30 March 2026 that 12.1 million motor finance agreements are covered by the FCA redress scheme. The FCA-estimated scheme average of £829 per eligible agreement per agreement, with a total of £7.5 billion set aside for consumers. The scheme covers PCP and HP agreements entered into between 6 April 2007 and 1 November 2024.
Two separate schemes apply: post-2014 agreements (implement by 30 June 2026) and pre-2014 agreements (implement by 31 August 2026). The final deadline to complain is 31 August 2027. You can complain to your lender directly for free. You do not need a claims management company.