CCR Magazine

You are here  :Home arrow News arrow Motormile Finance UK Limited (MMF) Statement on Customer Redress
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Motormile Finance UK Limited (MMF) Statement on Customer Redress PDF Print E-mail
Wednesday, 02 November 2016
The Financial Conduct Authority (FCA) has today released a statement in connection with a review it has completed in respect of MMF's historic due-diligence and collections processes.

MMF have sought at all times throughout the review to be transparent in their dealings with the FCA and identify those customers who may have been affected by these historic processes. The proposals MMF put forward to the FCA were designed to ensure those customers affected would receive adequate compensation.

The outcome of the review is that MMF have agreed to provide redress to over 500,000 customers. Such redress will involve repayments of £154,000 to 2,148 affected customers and MMF have also agreed to write-off a further £414m of debt.

“Working so closely with the FCA has provided MMF with a very clear understanding of what is expected under the new regulatory regime, in comparison to how debt purchase was executed previously, and I am pleased to announce that MMF have embraced this,” said Denise Crossley, Chief Executive Officer at MMF. “We apologise to all of the affected customers and are delighted that we are able to address the issues through the redress scheme we have agreed with the FCA. MMF are now fully authorised by the FCA which is testament to them witnessing first-hand the serious approach we take to our regulatory responsibilities and our desire to treat customers fairly. We will strive to build on the excellent reputation we have in the market and continue to put customers first in everything we do.”

Customers do not need to take any action as the identified customer accounts have been placed in quarantine for several months throughout the process. MMF will contact affected customers by email in the coming weeks or they will receive a letter by post. The company plans to complete the redress scheme by February 2017.
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197