Motor finance redress scheme
Redress to impress
The FCA has estimated people will be able to claim compensation on up to 14 million loans under the motor finance redress scheme.
Given the sheer scale, it’s no surprise its Dear CEO letter urged firms it was “crucial” to start preparing now. But that leaves firms to build systems, processes, and infrastructure to handle intelligent outbound and inbound communications processing, historical loan agreement archiving and access, as well as iron-clad compliance to keep the regulator happy.
Good thing we’ve been building just that for the past 30 years.
Tackling the volume of remediation communications
A lot of firms are about to discover remediation communications will take up a lot of time and money.
Each of the estimated 14 million loans needs communications to resolve the claim. That means an infrastructure to send a large volume of post and an infrastructure to receive and process the response.
Our outbound mailroom can handle up to 21 million letters a month, with SMS and email support too. Our experts craft communications strategies that work best for your business and maximise engagement. Intelligent systems ensure the right message always ends up in the right envelope, with accessibility formats baked right in.
Working in harmony with your outbound communications, our inbound mailrooms open, sort, automate, and process everything from letters to email, fax to SMS. Data capture engines feed the relevant information directly into your systems, speeding up processes by delivering decision-ready data straight to your teams.
Get your comms handled"Outsourcing the capture process has removed the need for us to invest in a hardware and software capture infrastructure, along with skilled operatives. Also, given the non-routine nature of our capture requirements, coupled with potential sudden peaks in volumes, it is more cost effective for this to be handled by an offsite bureau with a scalable capacity””
Don McKinna, Business Programme Director at Aon Hewitt
What a difference 365 days make
85
Million
Physical communications
58
Million
Digital communications
180
Million
Mail items processed
250
Million
Items scammed
Finding and accessing historical loan agreements
Agreements as far back as 2007 fall under the redress scheme, meaning it may not be easy to retrieve the evidence to decide eligibility, provide timely responses to customer queries, and deliver the fair outcomes expected by the FCA and your customers. Evidence retrieval will demand you:
- Dig out historical loan agreements dating back to 2007 and identifying which are relevant to the scheme
- Make sure agreements have the right metadata to be easily found when needed
- Create the infrastructure needed for quick, efficient access for timely response to customer queries
If your archive is hard to get to, difficult to search, and time-consuming to access, this is no small ask. Which is why we’ve been building the best document archiving, indexing, and delivery systems for the past 30 years.
We can digitise documents in bulk so you can get instant access to your information anywhere, as well as unlocking the power of automated workflows and AI insight. Helping you to find the information you to make informed decisions.
Get quick, easy access"We chose Restore Information Management because our previous provider took days to get records to us; Restore Information Management…can do it in hours if needed.””
Becky Tomlinson, Medical Records Manager for Surrey and Sussex Healthcare NHS Trust
Taking the weight of compliance off your shoulders
We’ve a long track record of working with FCA-regulated organisations and government bodies because we go further than anyone else to exceed regulatory requirements.
So naturally we’re a GDPR-compliant, FSQS-certified supplier with more more accreditations than you can shake a regulator at, from ISO 27001 to BS 10008, Cyber Essentials Plus to ISO 22301.
But we also take steps like keeping all our data and processing firmly within the UK. We’re not required to, but doing so means you know your information is being managed and protected to the highest national standards.
And we’ve built the processes and systems to protect your data integrity and security, but also provide transparent and comprehensive audit trails for every document and interaction.
The benefits of working with us
The flexibility you need
Whether you want an end-to-end solution or to simply plug a gap or two in your processes, we can supply as much support as you need.
Expertise on tap
With a proven track record of working with UK government and FCA-regulated organisations, we can help guide you through the approach that’s best for your business and your customers too.
Scale and stablility
Our UK-wide network of facilities, physical and digital (phygital!) nationwide infrastructure, and experienced operational teams can reliably support you at any scale.
Compliance made simple
With FSQS-certification and more accreditations than you shake a regulator at, we’ll handle everything from transparent audit trails to certified data security.
Fast and agile
If Information wasn’t our middle name, it would be speed. We’re fast to onboard, fast to deploy, and fast to deliver your information where you need it, when you need it.
Automated efficiency
We’ve built intelligent workflows to automate the processes that save you time and money and free up your clever clogs for what they do best.
Really Reliable
We’ve had 30 years to build a UK-wide network of facilities and services filled with the business continuity measures to keep everything running for you no matter what happens.
Taking the weight off your shoulders
We’ve got the systems, processes, and infrastructures you need to tackle the motor finance redress scheme and we’re ready to get them working for you without delay. And our experts are always ready to take ownership of your problems and deliver prompt solutions. Get in touch with your questions, or ask them to start helping you prepare.
Tackle the redress scheme today