Metadata tagging, version control & audit trails with secure, role-based access for teams and third parties.
- 19 | 03 | 2026
The good news for motor finance lenders is that the long-anticipated Supreme Court ruling on motor finance drastically reduced the potential scope for litigation. Only specific cases where customers suffered an ‘unfair’ relationship under the law will be considered for compensation – meaning initial estimates of up to £40bn in payouts have been slashed.
The bad news is that the revised, lower figure of around £10bn is nothing to be sniffed at.
Looking for help managing claims information? Click for a consultation.Processing £10bn-worth of vehicle finance compensation claims would be a major undertaking even if all the necessary documents were easy to find – but that’s unlikely to be the case.
Check what information you hold and how you can access it. For instance, do you have:
Comprehensive records of car finance and loan agreements?
Details of commission disclosures?
Unredacted documentation (some lenders heavily redacted critical details in response to Data Subject Access Requests)?
Centralising and digitising both historical and current documentation to help you meet FCA-mandated retention and transparency obligations.
We can help with:
Metadata tagging, version control & audit trails with secure, role-based access for teams and third parties.
How confident are you that your documentation would be legally admissible? You’ll need to consider questions like these:
If you’re unsure, you may face the possibility of fines or failed defences in court, thanks to lack of traceability in FCA and legal reviews.
You may need to go as far back as April 2007 in your records, as that’s likely to be the initial eligibility date for compensation set by the FCA.
Have you thought about:
Putting digital systems in place to support with searching, sharing and storage will ease the burden on your teams.
We can help with:
Processing claims might feel like a must-do task rather than a business opportunity. However, lenders that use this moment as a catalyst for overall records management modernisation will reap rewards.
Records which are digitised, searchable, correctly maintained and easy to share will make the process of responding to this type of challenge infinitely quicker and less resource intensive in future.
And with OASIS FileSmart, you don’t need to implement a separate, third-party records management tool to modernise your system.
Tackling the vehicle finance compensation process will be costly and time consuming if you don’t have the right tools in place.
FileSmart lets you meet FCA – and consumer – expectations:
To find out more or book a demo, get in touch. Our team of specialists will be happy to discuss how you can save time, cut costs and reduce risk by using FileSmart to manage your motor finance compensation process.
