Your Money Management Ltd

Limits on what they may do

• Firm to cease affordability claims and debt collection activities in relation to motor finance while it reviews its processes and termination fees.

  Requirements 1.The Firm will cease onboarding any new affordability claims with immediate effect. 2.The Firm will suspend all ongoing debt collection activity relating to its motor finance termination fees, with immediate effect. For the avoidance of doubt, this includes any action being taken to secure a County Court Judgement against any clients. 3.Within three months of the date of this agreement, the Firm will complete a review of its existing claims process, website, policies and client journey (the “Review”) to ensure compliance with its regulatory obligations. For the avoidance of doubt, the Review should include, but not be limited to the: i.Fair value assessment of its case work fees and cancellation fees ii.Consistency of the Firm’s application of its termination fees iii.Complaints identification and handling processes iv.Quality and amount of investigation work carried out by the Firm v.Full disclosure to clients about the Firm’s fee structure and services it provides 4.The Firm will share a copy of the Review with the FCA within one week of it being completed, together with supporting evidence. 5.Within three months of the date of this agreement, the Firm will confirm in writing to the FCA, the actions it will take to remediate any adverse findings from the Review (the “Remediation Plan”), indicating a clear timeline for when the remediation work will be completed, for the FCA’s approval. For the avoidance of doubt, the FCA expects the Firm’s Remediation Plan to include, but not be limited to, the following actions: i.A revised fee structure ii.An updated termination policy iii.Letters to be sent to all existing and previous motor finance complaint clients informing them about any changes to the Firm’s motor finance claim fee structure, termination policy or other changes that may impact them. Where applicable, any such letter should include an itemised bill for the charges imposed and a full or partial refund of any termination fee that was imposed by the Firm. iv.Where the Firm has incurred debt recovery fees and / or has obtained a County Court Judgment against a client in relation to that client’s failure to pay motor finance exit fees to the Firm, the Firm will write to the client with a full explanation of the relevant findings from the Review and with an offer to refund all direct and indirect losses suffered as a consequence of the County Court Judgment proceedings and/ or debt recovery process. The Firm will also take all necessary action, including any financial support required by the respective client(s) to set aside the County Court Judgement.