Unregulated vs regulated? response from Novuna (previously Hitachi Capital)

akeene30

I got the following response from the complaint template email i sent.
Anyone else get this?  Seems like a fob off as not sure of the relevance of regulated vs non-regulated agreements?  It was a personal PCP car loan.

dunstonh

I got the following response from the complaint template email i sent.

You haven't put the response in your message.

Seems like a fob off as not sure of the relevance of regulated vs non-regulated agreements?

The relevance is that unregulated agreements are not subject to regulations.  Whereas regulated agreements are.

i.e. if your agreement is unregulated, you cannot complain about something the regulator says should not apply on regulated agreements.   Hitachi covered regulated and unregulated.  So, if they are saying yours is unregulated, then it probably is.

akeene30

ah yes - well spotted    

"We can confirm that the FCA’s review into motor finance is specific to Regulated Credit Agreements. As your Credit Agreement with Novuna Business Finance is Non-Regulated it does not fall within scope."

surely its still "regulated" in some way though being an agreement in the UK?!

 

Nasqueron

akeene30 said:

ah yes - well spotted    

"We can confirm that the FCA’s review into motor finance is specific to Regulated Credit Agreements. As your Credit Agreement with Novuna Business Finance is Non-Regulated it does not fall within scope."

surely its still "regulated" in some way though being an agreement in the UK?!

 

Plenty of sales in the past were not regulated until they were brought under regulation.

Part of the whole scam over the PPI refunds nonsense was sales being considered as breaching rules that weren't in place when sold.

If your sale was not regulated then the FCA review doesn't cover your sale. You could still pay and take court action if you wanted to.

Do you even know if they had a DCA agreement?

Nearlyold

Unregulated car finance is still available and typically aimed at high net worth individuals and/or businesses.

dunstonh

Dates and amount borrowed can also have an impact on whether it was regulated or not.  

akeene30

Nasqueron said:

akeene30 said:

ah yes - well spotted    

"We can confirm that the FCA’s review into motor finance is specific to Regulated Credit Agreements. As your Credit Agreement with Novuna Business Finance is Non-Regulated it does not fall within scope."

surely its still "regulated" in some way though being an agreement in the UK?!

 

Plenty of sales in the past were not regulated until they were brought under regulation.

Part of the whole scam over the PPI refunds nonsense was sales being considered as breaching rules that weren't in place when sold.

If your sale was not regulated then the FCA review doesn't cover your sale. You could still pay and take court action if you wanted to.

Do you even know if they had a DCA agreement?

thanks for the above, no I don't know whether they had a DCA agreement although quoting it as outside FCA scope being unregulated would assume that it did have a DCA element.  Lets see what September brings but I have other agreements through other providers which are in scope so this one may just have to be scrubbed off the list.. Thanks for all the responses, much appreciated! 

Nasqueron

akeene30 said:

Nasqueron said:

akeene30 said:

ah yes - well spotted    

"We can confirm that the FCA’s review into motor finance is specific to Regulated Credit Agreements. As your Credit Agreement with Novuna Business Finance is Non-Regulated it does not fall within scope."

surely its still "regulated" in some way though being an agreement in the UK?!

 

Plenty of sales in the past were not regulated until they were brought under regulation.

Part of the whole scam over the PPI refunds nonsense was sales being considered as breaching rules that weren't in place when sold.

If your sale was not regulated then the FCA review doesn't cover your sale. You could still pay and take court action if you wanted to.

Do you even know if they had a DCA agreement?

thanks for the above, no I don't know whether they had a DCA agreement although quoting it as outside FCA scope being unregulated would assume that it did have a DCA element.  Lets see what September brings but I have other agreements through other providers which are in scope so this one may just have to be scrubbed off the list.. Thanks for all the responses, much appreciated! 

That assumption would be incorrect

If the sale was not regulated then the regulations don't apply so any complaint could be dismissed

Others may be in scope but you didn't have DCA or you did but weren't affected etc

newanon66

Good morning
I too have an unregulated agreement with what was Hitachi but I also have a regulated one with them too where their ( Novuna ) complaints dept has confirmed they are looking into it.
However my question is ,as both agreements involved the same finance broker would it serve any purpose to email them the same drafted email with an extra introduction ?
If I was subject to a hidden agreement on the regulated agreement then presumably it stands to reason the same would apply to the unregulated one ?
TIA.

dunstonh

However my question is ,as both agreements involved the same finance broker would it serve any purpose to email them the same drafted email with an extra introduction ?
If I was subject to a hidden agreement on the regulated agreement then presumably it stands to reason the same would apply to the unregulated one ?

No.  Anything the FCA decide will not apply to unregulated agreements.   The regulator regulates regulated activity.   it does not regulate unregulated activity.