The National Franchised Dealers Association (NFDA) has issued guidance to dealers on how to prepare for the potential introduction of motor finance redress scheme
It said as discussions continue around potential motor finance redress schemes, retailers should begin considering the operational processes that may be required.
Sue Robinson, chief executive of the NFDA, said: “Establishing clear internal procedures in advance will help businesses respond efficiently to potential information requests and customer enquiries, while maintaining consistency across the organisation.”
“Retailers may wish to consider putting in place centralised systems to record and track requests, such as a dedicated email inbox or case management process.
“This can help ensure that requests from lenders, regulators or customers are captured and managed consistently,” she said.
It is also advisable to establish processes for monitoring and overseeing customer complaints and queries, supported by appropriate management information and internal reporting. This will help senior teams maintain visibility of volumes and response times.
Robinison added that businesses should also consider whether sufficient resource is available to respond to potential requests and whether staff training or internal guidance may be helpful to ensure teams are prepared.
“Taking early steps to review operational readiness can help ensure businesses are well positioned to respond efficiently should further developments arise,” she said.
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