Motor finance was top of the agenda at The Motor Ombudsman and Cripps’ 5th Automotive Insights – Business & Law Conference, which took place yesterday.
The FCA’s motor finance redress scheme came under particular scrutiny with panellists saying front line staff need extensive support and guidance to communicate clearly to customers.
Auxillias consultant Shannon Faulkner said: “Are we actually being transparent and equipping our frontline staff?’
How are we going to guide them or how are we going to make sure that they actually are following the scheme?’
“It is so easy to forget because we work in the industry that those consumers don’t have our experience, they don’t have our knowledge, they don’t work in motor finance or the auto world.
“I train a lot in the industry and I am always trying to help our frontline understand that the person on the other end of the phone doesn’t understand our jargon.”
Phillip Garlick, CEO at Product Partnerships, said: “When reflecting on what the FCA is trying to achieve at the moment, I don’t think they are there yet.
“Do I think this is a fair scheme? No, but with work it could be. I’m for it but I do think it needs some challenge.”
