Close Brothers Motor Finance (“CBMF”) is pleased to announce that it has begun a phased return to the writing of new UK motor finance business. Following the temporary pause in underwriting new vehicle finance agreements, which was announced on 25 October 2024, CBMF resumed writing new business with selected partners on Saturday 2 November 2024. This is part of a phased approach which will see CBMF switching on new business with all third-party partners.
Details about new processes have been communicated with partners where we’ve resumed writing new business , and in the meantime, more details can be found on the website here https://www.closemotorfinance.co.uk/dealers/support-and-resources/commission-disclosure.
Seán Kemple, CEO of Motor UK and Retail Finance Ireland, said, “The Hopcraft Court of Appeal judgment led to a unique situation that meant unprecedented change was needed, almost immediately. We took the difficult decision to pause lending for the right reasons, to keep our customers, partners and our business safe. I want to say a special thank you to my colleagues for reacting so quickly to the new requirements for commission disclosure, working night and day to develop an effective solution very quickly. The judgment has meant process changes across the industry, and I’m also very grateful to our partners for their support, patience and for getting to grips with new ways of working so quickly.”
