Important: Complaints about Discretionary Commission Arrangements (DCA) in Motor Finance
As you may be aware, the Financial Conduct Authority (FCA) is reviewing the use of Discretionary Commission Arrangements in motor finance. The aim is to make sure customers received fair outcomes.
Before January 2021, some lenders allowed brokers to receive a higher or lower rate of commission linked to the interest rates they offered customers for motor finance.
The FCA refer to this as a Discretionary Commission Arrangement (DCA).
The FCA believe this may have led to some customers receiving an unfair outcome and prohibited this type of arrangement after January 2021.
V12 Vehicle Finance products were launched in August 2020. We have not used any Discretionary Commission Arrangements for them.
For information about Moneyway motor finance products please visit our Moneyway website.
If you have or had a V12 Vehicle Finance agreement, it did not involve a Discretionary Commission Arrangement.
For information about Moneyway motor finance products please visit our Moneyway website.
Complaints
We're sorry if you are unhappy about the service we have provided.
We will explain what to do if you have a complaint and what you can expect if you complain to us. Your complaint gives us the chance to put things right and improve our service to you and other customers.
If you have a complaint, let us know as soon as possible.
What we will need to know
- Your name, address and contact phone number
- Your account details, if you are a V12 Vehicle Finance Customer
- Precisely what has gone wrong, and how and when it happened
- Is there anything specific you would like us to do to put things right for you
How to contact us
Online: You can raise a complaint online.
Email:
Telephone: 03303 031 286
Write to us: Customer Resolutions, V12 Vehicle Finance, Yorke House, Arleston Way, Solihull, B90 4LH
Our complaints handling process
If we are able to resolve your complaint within three business days of you first bringing the matter to our attention, you will receive a Summary Resolution Communication (SRC) letter in the post to confirm your complaint was dealt with to your satisfaction.
Resolving your complaint
Where we have agreed a resolution, we aim for matters to be finalised as soon as possible.
You can view and download our full complaints procedure by clicking the link below.
Complaints procedure (PDF)
Full investigation
Some complaints are more complex than others and can take more time to fully investigate.
If we are unable to resolve your complaint within three business days, we will write to you to acknowledge your complaint by the end of five business days. We will confirm that we will be fully investigating your concerns and advise when you can expect to hear from us again.
The investigation of your complaint will be undertaken by a member of staff who is unconnected with the subject matter of your complaint.
We aim to fully investigate and resolve your concerns as soon as possible.
Four weeks
We will keep you updated on the progress of our investigation. If we are unable to resolve your complaint after four weeks from when we receive it, we will write to you to provide an update..
Eight weeks
If we have been unable to resolve your complaint after eight weeks from when we receive it, we will write to you again to explain why there is a delay and confirm when we expect to send you our Final Response. We will also confirm your right to forward your complaint to the Financial Ombudsman Service..
Resolution and final response
When we have completed our investigation, we will write to you setting out the detail of your complaint, the findings from our investigation and how we propose to resolve your complaint. This is known as a Final Response.
We will also confirm your right to forward your complaint to the Financial Ombudsman Service.
If you agree with our proposed resolution, we will complete any agreed actions at the earliest opportunity.
Financial Ombudsman Service
If you remain unsatisfied following receipt of our Final Response, or we have not provided a Final Response within eight weeks from receiving your complaint, you will have the right to refer your complaint to the Financial Ombudsman Service (FOS).
You can ask the Financial Ombudsman Service to look into your complaint for you. This is a free, independent service for resolving disputes between customers and financial institutions. You should raise your complaint with us in the first instance. The Financial Ombudsman Service may refuse to review your complaint if we have not been given the opportunity to resolve it.
Email:
Website: financial-ombudsman.org.uk
Telephone: 0800 023 4567 or 0300 123 9123 (Calls may be recorded for training and monitoring purposes)
Write to: Financial Ombudsman Service, Exchange Tower, London, E14 9SR