Motor Finance: Your redress roadmap

Jaywing are motor finance specialists, having worked with a wide spectrum of lenders across a range of multi-faceted projects that span risk and finance. Jaywing have also supported many of the UK's leading banks - executing redress programmes effectively, efficiently and accurately, all whilst ensuring BAU activities are not impacted.

Over the years we have developed methods, underpinned by rigorous data processes, to ensure that where required, appropriate redress values are applied to each customer, no matter:

Ensuring reputational risk is managed, and standing with the regulator is improved, is critical in the competitive motor finance industry.

Remediation processes are undeniably complex and bespoke but these can be managed effectively if done with rigour, planning, purpose and oversight. No two organisations are the same in terms of their, history, their data or their data history and so a one-size fits all approach will not suffice.

Multiple lines of defence will be needed in order to construct a project that has the right level of robustness.

That's where Jaywing steps in.

We're a team of data analysts, modellers, and motor finance experts with a proven track record of helping companies:

1. Estimating likely impacts on motor portfolios or validating impacts already performed with sensitivities around the estimates
2. Defining the data landscape required for an end-to-end project across design, analysis, testing, fulfilment and reporting
3. Calculating the redress amounts by identifying the eligible population and determining how much the customer is owed
4. Checking the redress amounts calculated for each customer, either by reviewing the organisation's code, or by performing an independent coding and calculation process then comparing results with the organisation's output
5. Backfilling the organisation's analytical and modelling teams to ensure other strategic priorities are still being delivered

If your firm has never had to undergo a remediation project before, here are some of the key points you'll need to consider which highlight the complexities of a project of this nature.