MM supports tier 1 bank deliver compensation

Over 12 million consumers were incorrectly sold vehicle finance between April 2007 and November 2024.

 

In an unprecedented step, the FCA have instructed lenders to make an average payment of around £830 to every mis sold customer. That works well for those customers who have already made a formal complaint to their lenders but presents a massive problem in relation to those who have not.

 

Not only will lenders have to work out who they must compensate, they will need to make contact with them. With nearly 10% of the population moving each year, it is likely that many customers will have moved from the address that the lender holds on their records. There is a very large and real risk that customers will have moved.

 

This is where specialist data cleansing and tracing experts can save a vast amount of money and time and ensure that compensation reaches the right people, without unnecessary administrative costs of writing to the wrong addresses.

 

MM are specialist address verification / tracing experts who have worked with the financial services sector for decades, and are currently working with a tier 1 bank on this redress scheme.

 

The redress scheme is has the potential to become very expensive and messy, unless data is checked and corrected where necessary.