Motor finance consumer redress scheme implementation expectations

The FCA has announced that if a motor finance consumer redress  scheme (CRS) is implemented following the end of the consultation period this month, it will include an implementation period.   The implementation period will likely be three months, extending up to five months for older agreements. During that period, firms would be expected to prepare to operate the scheme and then process the […]

FCA guidance on multiple representation in motor finance complaints

The FCA and Solicitors Regulation Authority (SRA) have issued a joint message to claims management companies and law firms involved in motor finance commission claims.  The regulators are emphasising the issue of multiple representation. This is when a complainant may have multiple representatives instructed on the same claim, with instances of up to four different representatives appearing for a single claim noted.   To address this with motor finance lenders, the FCA has also […]

Watch on-demand: Sessions with our compliance experts

The best of our online sessions with experts ​ All our online sessions in one place – all you need to know about the latest changes in the regulatory landscape, top tips and best practice for financial services firms.   https://vimeo.com/1126121961 Redress roadmap- what the FCA’s new redress scheme means for you Explore what the FCA’s […]

FCA: Preparing for the motor finance redress scheme is critical

Garry Evans, TCC Group’s Chief Commercial and Product Officer, reflects on the recent FLA Annual Motor Finance Convention. The key takeaway from the FLA Annual Motor Finance Convention is clear: If your plan was to wait for the final guidance from the FCA before starting your preparation for the redress scheme, you will be too […]

End-to-end motor finance remediation at scale

The Motor Finance Redress Scheme introduces significant operational and regulatory pressures for lenders and early preparation is essential. Firms that strengthen complaint handling, improve data accuracy, and adopt automated, data-driven processes will be in the strongest position to manage high case volumes efficiently and cost-effectively. https://vimeo.com/1138864649 The FCA’s recent guidance offers firms more than a […]

Driving innovation and trust: Momenta becomes a Finance & Leasing Association member

We’re thrilled to announce that TCC Group – which includes TCC, Momenta, and Recordsure – is now a proud member of the Finance & Leasing Association (FLA), the UK’s leading trade body for the asset finance, consumer finance, and motor finance sectors. This achievement is a significant milestone on our journey to champion excellence in […]

Why ‘simple’ redress schemes require strategic planning

In this third excerpt from our recent webinar on the FCA’s new motor finance redress scheme TCC Group’s subject matter experts, Garry Evans and Mike Morris explore why early preparation is critical. They break down how firms can approach remediation strategically, covering everything from operational design and portfolio assessment to governance and building internal capability.  […]

Turning motor finance compliance into an opportunity

A turning point in motor finance regulation In this second excerpt from our recent webinar on the FCA’s new motor finance redress scheme, Garry Evans and Mike Morris break down what firms need to do now to prepare effectively. In this segment, they focus on the case for early preparation, exploring practical steps from portfolio […]

Understanding the FCA changes impacting motor finance firms

A turning point in motor finance regulation The FCA’s motor finance redress consultation is a pivotal development for firms operating in the sector. Unlike previous announcements, this consultation sets out clear expectations on how businesses should identify affected customers, calculate redress and manage remediation efficiently. Getting to grips with these updates is crucial not only […]