Vehicle rental has joined a growing list of sectors directly targeted by terrorists. 2017 saw a spate of terrorist attacks where rental vehicles were used as ramming weapons to cause death and destruction in the UK and around the world. The BVRLA and its members work with authorities, policymakers and insurers to improve training and operating procedures and instil confidence in the sector so that rental companies can keep providing accessible and affordable mobility services.
We want to help those operating in the vehicle sector to mitigate the risk of an extremist attack. Therefore, we have put together a resource and guidance pack on the importance of effective customer qualification procedures.
In the 2017 Autumn Budget the Chancellor announced that there will be a new VED supplement on new diesel cars first registered from 1 April 2018, so that their First-Year Rate will be calculated as if they were in the VED band above. However, this will not apply on those diesel cars which meet Real Driving Emissions Step 2 (RDE2) standards.
Following a review lasting several years, the International Accounting Standards Board (IASB) published in January 2016 International Financial Reporting Standard (IFRS) 16 in relation to “Leases”. This supersedes the current lease standard, International Accounting Standard (IAS) 17, for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted (as long as IFRS 15 – revenue recognition is also applied).
The FCA rules require firms to “take reasonable care to establish and maintain effective systems and controls for compliance with applicable requirements and standards under the regulatory system and for countering the risk that the firm might be used to further financial crime”. These policies should be comprehensive and proportionate to the nature, scale and complexity of the firm’s activities. Firms should carry out “regular assessments of the adequacy of these systems and controls” to ensure that firms continue to comply.