The new Financial Conduct Authority (FCA) Business Plan 2018/19 highlights some areas of priority which mirror those identified as areas of focus by the BVRLA as it works to support members with regulatory compliance.
The FCA plans to launch a market study on credit information in Q4 2018. The BVRLA is planning to work with members to build a better understanding of the potential for harm in this market and, if necessary, identify remedies. The association will closely monitor the FCA’s market study given the importance of credit reference agencies for members.
The FCA is proposing to recognise some industry codes of conduct for unregulated markets and in 2018 will publish a policy statement outlining its final rules and approach to these codes. The BVRLA is working with members to understand if this is something that would be appropriate for its Codes of Conduct.
Other points of interest in the regulator’s Business Plan include:
I. The FCA is currently carrying out a thematic review looking at commission and other remuneration models between credit brokers and other firms (such as lenders) and will report their findings towards the end of 2018
II. The FCA plans to publish an interim report showing whether the repeal of Consumer Credit Act provisions would negatively affect appropriate consumer protection and whether the provisions could be replaced by FCA rules or guidance
For further information about the FCA Business Plan and how it relates to members you can read:
The FCA Publishes Business Plan for 2018/19 and Motor Finance continues to be a focus for regulator