Major Motor Finance Lender
- Posted on: 12 June 2018
- Written by: Steve Robertson
Motor finance in the UK is growing with estimates that over 24% of household expenditure in the UK in 2018 will be on some form of motor related finance product.
The majority of motor finance is introduced to the lending organisations by third party partners such as brokers or dealerships. It is, therefore, essential that the conduct and compliance of these third parties is verified and monitored to protect the interests of the lender and customer, and to identify and mitigate any arising risks.
We have developed a three tier approach to risk management for lenders across their introducer networks. In this case we have undertaken a high level review across all brokers, presenting a risk based outcome to the lender allowing them to identify where to focus further scrutiny, cost and resource on an informed basis. This not only adds value for the lender in terms of risk management but is also a value add for the lender / broker relationship helping the broker to understand the requirements and KPIs of the lender going forward.