AFC and Shoosmiths to run redress session at AFC conference

AFC and Shoosmiths will run an additional session for lenders at the AFC Summer Conference in June to help auto finance lenders prepare for any redress which may follow the Supreme Court decision expected in July. The session is a follow-on for lenders who attended the first Shoosmiths/AFC workshop in April but will be suitable for all participants whether they attended the workshop or not.

Panellists include

• Wayne Gibbard – Partner – Shoosmiths
• Adrian Dally – Director of Motor Finance & Strategy – Finance & Leasing Association
• James Seeley – Head of Retail Remediations – Close Brothers
• Richard Hoggart – Group CEO – DSG Finance Group

Key objectives of the session will be to help lenders understand how to manage their planning processes; second to understand how to approach the all-important case-reviews which enable individual firms to understand where they need to focus and the resources they are likely to need; and third to understand and verify the provisions process and to understand the various remediation options.

Additional questions which workshop participants have asked to be added to the topics for the conference include: 

1. What does the expert panel believe will be the status of the very many outstanding complaints that have already been received, following the Supreme Court’s decision? Will a fee (significant in total) still be payable on these?
2. It would be great to get a view on the likely contagion into other segments of financial services (particularly on asset finance).
3. How should lenders deal efficiently and compliantly with the CMC hallucinations and with multiple claims on the same contract from different CMCs?

AFC/Shoosmiths survey of lenders attending their workshop in late April found that more than half of lenders are not yet prepared for the outcome of the current Supreme Court appeal while a quarter have yet to determine their approach. 

The AFC Summer Conference takes place on June 3^rd at County Hall, London. It will focus on the theme ‘Driving better outcomes: rethinking our go-to-market approach for auto and asset finance’. This will consider whether the current market arrangement in asset finance could change to increase lending appetite; to create a better customer journey; and to address some of the gaps in provision (start-ups, ethnic minority businesses, women lead businesses). The auto finance sessions will focus in large degree on the redress scheme plus a look at the longer-term implications of the commission crisis. We’ll be asking our panel whether change is on the way, whatever the decision of the Court, as investors’ risk appetite drives change and regulators start to double-down on consumer duty as the guiding star for firms.

Shoosmiths are Asset Finance Connect’s legal advisors and are leading sponsors at the European Leaders Summit in Amsterdam in May and at the AFC Summer Conference in London on June 3^rd. By working in partnership with Shoosmiths, Asset Finance Connect have provided unrivalled coverage to their members of the DIC, commission disclosure and fiduciary duty crises – leading the way on discussions around sophisticated customers and now managing the redress process.

 If you have not yet reserved your place at the AFC Summer Conference, visit the conference website for more information and to register.