Finance Explained

Honda Financial Services

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COMMISSION COMPLAINTS

On 11th January 2024, the Financial Conduct Authority (FCA) announced they would be reviewing historic commission paid to retailers on motor finance agreements, specifically discretionary commission arrangements (DCA). Throughout 2024 there have been various updates in relation to commission paid on motor finance agreements with the most recent announcement on 19th December 2024 bringing non-DCA (disclosure of commission) complaints into the investigation too. The below table provides key updates in relation to this.

Key Date Update
11th January 2024 The FCA announced they would be reviewing historic commission paid to dealers on motor finance agreements, specifically discretionary commission arrangements (DCA). Lenders were advised that they had until 25th September 2024 to respond to any customer complaints received.
24th September 2024 The FCA advised the investigation would continue, and the timeframe lenders were given to respond had been extended from 25th September 2024 until 4th December 2025.
25th October 2024 The Court of Appeal ruled on 3 cases involving automotive finance, all of which concerned the disclosure of commission paid to motor dealers by lenders for arranging finance agreements to buy vehicles. The judgement found in favour of customers.
19th December 2024 Following the Court of Appeal judgment, the FCA announced that lenders have until after 4th December 2025 to respond to both DCA and non – DCA (disclosure of commission) complaints.

Please note these extensions are only for commission complaints relating to discretionary commission. For further information from the FCA please visit here.

If you wish to make an enquiry and complaint on commission, please use the below methods to do so. We aim to answer all calls as quickly as possible.

Tel: 0345 128 8908

Email: hfe.customerservice@honda-eu.com

Post:
Honda Financial Services Plc
Cain Road
Bracknell
RG12 1HL

Our complaints procedure can be found here for further information and timelines. In the event you are not responded to within the regulatory timelines or remain unsatisfied, you can ask the Financial Ombudsman Service to review your complaint.

The Financial Ombudsman Service can be contacted at Exchange Tower, London, E14 9SR or by telephone at 08000 234 567 or at www.financial-ombudsman.org.uk.

CUSTOMER SUPPORT

Please contact Customer Support to discuss:

  • Requesting a settlement figure
  • Updating address and contact details
  • Changing payment dates
  • General Queries

Tel: 0345 128 8908

Email: hfe.customerservice@honda-eu.com

Opening Hours:

Monday to Saturday from 09:00 to 17:00 (closed bank holidays)

COLLECTIONS AND RECOVERIES

Please contact our Collections and Recoveries department to discuss:

  • Handing your vehicle back
  • Making a payment
  • Financial difficulties

Tel: 0345 128 8909

Email: hfe.collections@honda-eu.com

Opening Hours:

Monday to Friday 09:00 to 17:00 (Closed Bank Holidays) 

Alternatively use our contact form

COMPLAINTS

If you have a complaint, please contact us on:

Tel: 0345 128 8908

Email: hfe.customerservice@honda-eu.com

Post:
Honda Financial Services Plc
Cain Road
Bracknell
RG12 1HL

Our complaints procedure can be found here for further information and timelines. In the event you are not responded to within the regulatory timelines or remain unsatisfied, you can ask the Financial Ombudsman Service to review your complaint.

The Financial Ombudsman Service can be contacted at Exchange Tower, London, E14 9SR or by telephone at 08000 234 567 or at www.financial-ombudsman.org.uk.

COMPLAINTS PUBLICATION REPORT

Firm name: Honda Financial Services

Period covered in this report: 1st April – 30th September 2024

 

Number of complaints opened by volume of business

  
Product / service grouping Provision (at reporting period end date) Intermediation (within the reporting period) Number of complaints opened Number of complaints closed Percentage closed within 3 days Percentage closed after 3 days but within  8 weeks Percentage upheld Main cause of complaints opened
Banking and credit cards N/A N/A N/A N/A N/A N/A N/A N/A
Home finance N/A N/A N/A N/A N/A N/A N/A N/A
Insurance and pure protection N/A N/A N/A N/A N/A N/A N/A N/A
Decumulation and pensions N/A N/A N/A N/A N/A N/A N/A N/A
Investments N/A N/A N/A N/A N/A N/A N/A N/A
Credit related N/A N/A 8875 285 N/A N/A 7.8% Discretionary Commission Arrangements

FINANCIAL DIFFICULTIES

Honda Financial Services are keen to provide support to customers who are experiencing financial difficulties. If you are struggling with your finances, please contact Customer Support on:

Tel: 0345 128 8909

Email: hfe.customerservice@honda-eu.com

Free and impartial advice is available to you from the following organisations: