Navigating the FCA’s Pause on Motor Finance Complaints with the right talent

In a recent announcement, the Financial Conduct Authority (FCA) introduced a pivotal pause in the 8-week deadline for motor finance firms to address complaints involving discretionary commission. This strategic move is designed to afford firms the necessary time to comprehensively review and respond to complaints in a consistent and efficient manner. At the heart of this decision lies the FCA’s commitment to balancing consumer protection with the imperative for clear guidance within the motor finance industry.

Momenta’s Expertise:

In light of the complexities surrounding discretionary commission complaints, the FCA’s pause underscores the need for motor finance firms to be well-prepared for the challenges that lie ahead. Momenta Group, with its extensive 30-year experience in delivering high-volume Complaint Management and Customer Redress programs, stands ready to assist organisations in navigating this intricate regulatory landscape.

Key Considerations and How Momenta Can Help:

  1. Trained Staff:

Ensure you have adequately trained staff available for efficient complaint triage and investigations. Momenta can swiftly upscale your Remediation and Complaints teams with experienced and vetted professionals.

  1. Data Gathering:

Commence full data gathering to ensure all necessary evidence is available for investigating consumer complaints. Our Complaints Insight Service allows real-time root cause analysis and identification of systemic trends.

  1. Processes and Procedures:

Implement robust procedures and controls to manage volume claims from customers and Claims Management Companies (CMCs). Momenta’s expertise in consultancy and managed services can guide you in establishing efficient frameworks and best practices.

  1. Regular updates to customers:

Providing regular updates to customers throughout the process   is key and many organisations do  not have the in-house capacity to do this. Our renowned associates are skilled and trained in dealing with consumers in a proactive and empathetic manner.

  1. Broker Collaboration:

Establish a clear process for working with brokers to obtain information on the negotiation of motor finance agreements. Momenta can provide insights and assistance in managing this collaborative effort.

  1. Preparing for the Financial Ombudsman Service:

Develop a clear and efficient process for preparing files for the Financial Ombudsman Service. Momenta’s associates have experience in FOS escalations and will ensure that your processes align with FCA regulations.

  1. Dealing with Vulnerable Customers

Address how to manage vulnerable customers and ensure their needs are met. Momenta can provide guidance and support in developing strategies for handling vulnerable consumer cases and delivering positive outcomes.

Momenta Group is poised to support organisations during this challenging period, offering staffing solutions tailored to the unique demands of motor finance organisations. The FCA’s recent annoucement underscores the importance of being well-prepared and having a strategic partner like Momenta by your side.

If you’re interested in learning more about how Momenta can specifically assist your organisation in navigating this regulatory landscape, please reach out. We’re here to help you chart a course through what will be an evolving and challenging period.