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How motor finance leaders can navigate the £8bn redress challenge

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The motor finance industry is facing arguably its biggest ever challenge. The Financial Conduct Authority’s (FCA) Motor Commission Investigation and Review (MCIR) and the Supreme Court’s August rulings have triggered a massive compensation scheme worth upwards of £8 billion.

This has opened the door to a surge of complaints affecting millions of customers and agreements dating back to 2007. Much like the Payment Protection Insurance (PPI) challenge, this is a defining compliance moment, only bigger and more complex. Traditional complaint-handling systems won't be able to cope with the volume of claims and associated scrutiny once the mass redress scheme is rolled out early next year. Lenders need scalable, compliant solutions and they need them now.

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