Commission seeks views on personal experience with motor finance

The Guernsey Financial Services Commission is asking members of the public to share their personal experiences of seeking, obtaining and/or being a customer of motor finance by completing a short survey.  

Since 1 July 2023, the Commission has been responsible for regulating loans and other consumer credit products under the Lending, Credit and Finance (“LCF”) Law, including motor finance products, such as hire purchase (“HP”), personal contract purchase (“PCP”) and personal loans, used to buy motor vehicles.  

Responses are sought from individuals who have personal experience of motor finance since 1 July 2023, when the law came into full effect. Those with experience are asked to complete this short survey by 10 August 2025.  

It is anticipated that responses to the survey will identify common trends, which will be explored by the Commission during a thematic review, planned for later this summer, of the conduct risks relevant to the local motor finance industry. The review will pose the question “Are customers being treated fairly and in accordance with the new LCF requirements?”.  The Commission’s conclusions, which will include the results of its public survey, will be released early next year.  

The survey should take no more than 15 minutes to complete and can be completed anonymously.  Paper copies of the survey are also available. These can be obtained either from the Commission’s offices at Regency Court or by contacting the Commission’s Banking and Insurance Division on 01481 712706.  

Commenting on the survey, the Commission’s Director of the Banking and Insurance Division, Jeremy Quick, said: “We would encourage anyone who has experience of motor finance in the last two years to complete the survey.  Your feedback will help us to understand how these products work for Guernsey consumers, and whether firms are meeting their obligations.”