The total cost of the car finance scandal is estimated to be £11bn, by the FCA. Cost of administering the scheme for firms alone is estimated by the FCA at just £200 per person, or £2.8bn as the FCA estimates.
Looks low to seasoned compliance commentators, who know how hard it is sometimes to find the data. So I thought to look deeper. The FOS charge £250 referral fee for handling complaints. But if referred by professionals, the case costs weigh in at about £650 per complaint. Most estimate £300 per case across the industry as a whole. By all accounts a car finance scandal of £11bn takes up a significant amount of board room and management time and bandwidth and I remain sceptical that the costs will remain at this £11bn level. PPI exploded by a factor of tenfold.
Keep your data in a central storage, like BAT. Keep your costs under control, but your data under your bonnet.