Motormile Finance UK Limited (MMF) Statement on Customer Redress
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 has 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 has agreed to provide redress to over 500,000 customers. Such redress will involve repayments of £154,000 to 2,148 affected customers and MMF has 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 and I can assure our customers that we have embraced this.” said Denise Crossley, Chief Executive Officer at MMF. “We apologise to all of the affected customers and will be addressing 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.
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