Auxillias publishes new board guide on motor finance redress governance
A practical blueprint for boards and senior leaders ahead of the FCA’s redress scheme.
Auxillias today announced that it will be publishing a new board-level paper titled ‘The Board Blueprint: A practical guide to dealing with motor finance redress governance’, which is written for UK motor and asset finance boards and senior executives preparing for the FCA’s redress scheme.
The paper is not a legal treatise. It is a practical guide for those who carry personal and corporate responsibility for redress delivery. It focuses on what boards must oversee, what they should be asking their teams and advisers and what they will ultimately be required to approve, attest to and explain to the FCA.
The Blueprint sets out the elements of redress governance that cannot be outsourced, even where firms rely on third parties for calculations, redress entitlement and complaint handling or customer communications. It explains the information boards should expect to see in their packs, how issues should be identified and escalated and where the real regulatory and reputational risks sit if redress is poorly controlled or weakly evidenced.
The Board Blueprint has been developed as part of Auxillias’ wider redress support, helping firms meet the FCA’s governance expectations set out in the redress consultation and those due to be finalised shortly. It is designed to support boards in demonstrating clear oversight, timely escalation and effective decision-making as regulatory requirements take shape.
Jo Davis, CEO Auxillias, said: “Motor finance redress is not just an operational exercise. Boards will be judged on what they knew, when they knew it and how they acted. This paper is designed to sit in front of boards and ExCo teams and help them govern redress properly, not after the fact.”
Written with the motor and asset finance sector in mind, the paper assumes senior leaders understand their business but may rely on external advisers for delivery. It translates FCA expectations into a clear, workable governance plan that boards can use in real time as the scheme approaches.
If you’re interested in receiving a copy, please fill out this form. The paper will be available on a fixed-fee basis when it released in the next few weeks.
