Discretionary Commission Arrangements - Complaints and Refunds
Go Car Credit is a UK-based car finance company that was established in 2014. As the name suggests, the company specialises in providing financing solutions to individuals who are struggling to obtain loans from traditional lenders due to poor credit scores. Go Car Credit has established itself as one of the most popular car finance companies in the UK by providing competitive rates and flexible payment options. However, like any other financial institution, Go Car Credit has also been subject to scrutiny from regulatory bodies.
One of the key metrics that is used to evaluate the performance of any financial institution is the number of customers it serves. According to the latest figures, Go Car Credit currently has over 10,000 customers across the UK. This is a significant number, considering the company has only been in operation for seven years. The company's customer base has been steadily increasing, with more people opting for its services to access affordable car financing solutions.
Despite its popularity, Go Car Credit has not been without its fair share of controversy. The company has attracted a considerable number of complaints from customers, leading to regulatory bodies, such as the Financial Conduct Authority (FCA), and the Financial Ombudsman Service (FOS), intervening to resolve them.
The FCA is a regulatory body that oversees the conduct of financial services companies in the UK. It is responsible for ensuring that these companies adhere to strict guidelines regarding customer protection, promoting competition, and maintaining the integrity of the UK's financial markets. Through its regular monitoring of Go Car Credit, the FCA has received several complaints from customers that have raised concerns about the company's conduct.
A review of FCA's records shows that between 2018 and 2021, the regulatory agency received 81 complaints from Go Car Credit's customers. Most of the complaints were related to issues with payment plans, customer service, and information handling. The FCA requires all financial institutions to have stringent complaint handling procedures in place to ensure that customer complaints are thoroughly investigated, and appropriate measures are taken to address them. The FCA also monitors how these procedures are implemented and how quickly complaints are resolved. In 2020, the FCA conducted an investigation into Go Car Credit's complaint handling procedures and found them to be inadequate. The review resulted in the company being required to make significant improvements to its complaint handling procedures.
The FOS is another regulatory body that plays a crucial role in resolving disputes between customers and financial institutions. It acts as an independent mediator, ensuring that complaints are resolved fairly and efficiently. Like the FCA, the FOS also received a considerable number of complaints regarding Go Car Credit.
According to the FOS's latest records, the organization received 79 complaints from customers of Go Car Credit between 2018 and 2020. Most of the issues raised by customers related to issues with payment plans, additional charges, and issues with customer services. The FOS conducts investigations into each complaint, working with both the company and the customer to find a mutually agreeable solution. In many cases, the FOS recommends that the company provide financial compensation to the customer.
Go Car Credit has responded to customer complaints by making a series of improvements to its business procedures, particularly in its customer service and complaint handling processes. The company has also increased its operational procedures, such as conducting more thorough affordability checks to ensure customers are comfortable with their payment plan.
In conclusion, while Go Car Credit has proven to be a popular car financing solution for individuals with poor credit, it has also attracted a significant number of complaints from customers. However, the company is making significant improvements to its processes and procedures to address customer concerns and work towards improving its reputation in the market. As with any financial institution, it is crucial for Go Car Credit to remain transparent and accountable while continuing to provide high-quality financial solutions to its customers.