Vehicle finance discretionary commission complaints
The Financial Conduct Authority says some customers may have been charged too much on their vehicle finance before 2021.
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General
Close Brothers DAC (being an Irish registered designated activity company having registration number 706530) trading as Close Brothers Motor Finance, Close Brothers Commercial Finance, Close Brothers Asset Finance and Braemar Finance and is regulated by the Central Bank of Ireland.
Close Brothers DAC is a wholly owned subsidiary of Close Brothers Limited.
Close Brothers Limited (being a UK registered private limited company and its Irish registered branch of the same name having registration number 907899), trading as (and having as registered business names) Close Brothers Motor Finance, Close Brothers Commercial Finance, Close Brothers Asset Finance and Braemar Finance, is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland.
Close Brothers DAC and Close Brothers Limited are subject to the licenced Retail Credit Firm Standards, the Consumer Protection Code, and SME Regulations which offers protection to consumers and certain small / medium sized businesses. These codes and regulations can be found on the Central Bank of Ireland’s website www.centralbank.ie.
Nature of Business
We provide credit products to personal and commercial customers including:
- Hire Purchase Agreements
- Personal Contract Purchase Agreements
Charges
Charges for our products and services are set out in our credit agreements.
Personal Data Protection
Our privacy policy, which can be found here: https://www.closemotorfinance.co.uk/privacy-policy outlines how we will use your personal data. For the purposes of data protection law, we are a data controller in respect of your personal data. We collect and use your personal data and where applicable this may include information related to your spouse/partner, directors, shareholders, partners, guarantors and owners (your “representatives”). Close Brothers DAC is responsible for ensuring that it uses your personal data in compliance with data protection law.
If you have any questions about how we process personal data or about your rights over your personal data, our Data Protection Officer can be contacted at [email protected] or Data Protection Officer, Close Brothers DAC, Building 1, Swift Square, Santry Demesne, Northwood, Dublin 9.
Conflicts of Interest
We have a conflicts of Interest policy in place to identify and manage any known or potential conflicts of interest which may arise when providing products and services to our customers. In some circumstances, the arrangements made may not be sufficient, and in this case, a full disclosure will be made prior to undertaking any business with you. This will allow you to make an informed decision with respect to the product or service in which the conflict arises.
Customer Default
If you fail to comply with the terms of your agreement – for example if you default on your payments – we may look to terminate the agreement and take steps necessary to recover our goods and any amounts outstanding on the agreement.
Complaints Procedure
We have in place a written procedure for handling of complaints. This procedure provides for complaints to be acknowledged, investigated and resolved.
We will always try to resolve your complaint as quickly as possible. If we are unable to do this, we will write to you within 20 working days to update you on the progress we have made. In the unlikely event that it takes longer than anticipated to investigate your complaint we will write to you within 40 working days:
- Explaining why we have been unable to reach a decision
- To let you know when you can expect our final decision
- Provide contact details for the Financial Services and Pensions Ombudsman
Once we have fully investigated your complaint, we will write to you confirming our decision within five working days and where applicable the terms of any offer of redress to be offered. If the complaint is still not resolved to your satisfaction, you have the right to refer your complaint to the Financial Services and Pensions Ombudsman. The Ombudsman can be contacted using the details below:
Address: Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2
Telephone: 01 567 7000
Email: [email protected]
Website: www.fspo.ie
Terms of Business are effective from 16 August 2022.