Was your Iveco Daily Hi-Matic sold to you on a PCP or HP finance agreement between 6 April 2007 and 1 November 2024? If so, you should understand that this period saw significant issues in motor finance practices under the Financial Conduct Authority (FCA) investigation. The FCA uncovered widespread mis-selling involving discretionary commission arrangements during this timeframe, affecting millions of consumers across the UK.
How the Iveco Daily Hi-Matic was Typically Financed
The Iveco Daily Hi-Matic is a popular van model that was frequently sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements. These vehicles were typically financed for amounts ranging from £20,000 to £45,000 with terms spanning 36 to 60 months. Common lenders offering financing for the Iveco Daily Hi-Matic included Black Horse, Lombard, Close Brothers Motor Finance, and Hitachi Capital Vehicle Solutions.
Both PCP and HP agreements often involved balloon payments at the end of the contract term, which could be a significant financial burden if not planned for properly. These arrangements were designed to make the monthly payments more affordable upfront but required careful consideration of the total cost over the life of the agreement.
The FCA Motor Finance Investigation
The FCA investigation into motor finance practices revealed that many consumers were unknowingly affected by discretionary commission arrangements, which led to inflated interest rates and hidden fees. These mis-selling issues impacted 12.1 million eligible agreements (FCA, March 2026) across the UK during the specified period (FCA estimate). As a result, lenders had to compensate customers for losses amounting to £7.5 billion (FCA, March 2026) in total (FCA estimate) (FCA, March 2026).
The investigation highlighted that many consumers were misled about the true cost of their finance agreements and were not adequately informed about alternative financing options or potential risks associated with high-cost loans.
How to Check Your Agreement Look for any references to discretionary commission arrangements (DCA) or similar terms that suggest an inflated interest rate due to undisclosed fees.
Relevant dates are critical: agreements made between 6 April 2007 and 1 November 2024 fall within the scope of the investigation. If your agreement was signed during this period, it is important to scrutinize any clauses or conditions that might indicate mis-selling practices.
If you suspect that your Iveco Daily Hi-Matic finance agreement was affected by mis-selling practices, you can complain directly to the lender who provided the financing. Common lenders for this vehicle include Black Horse, Lombard, Close Brothers Motor Finance, and Hitachi Capital Vehicle Solutions.
When initiating a complaint, provide all relevant documentation such as your original contract and any correspondence with the lender. It is important to follow up regularly and maintain records of communication throughout the process.
You do not need a claims management company; you can handle everything directly with your lender at no cost. The Financial Ombudsman Service (FOS) is also available if your complaint is not resolved satisfactorily through direct negotiation with the lender.
Sources and References
- FCA Estimate: 12.1 million eligible agreements (FCA, March 2026)
- FCA Estimate: £7.5 billion (FCA, March 2026) total compensation paid
- FCA Estimate: FCA-estimated average of £829 per eligible agreement