Motor finance provides an essential lifeline for millions of working families who rely on having the ability to access affordable finance to get a car or van to help them go about their daily business. The BVRLA represents over 400 leasing and leasing broker members, an increasing number of whom offer motor finance.
Latest BVRLA Activity - Q2 2021
- Regulators – following the BVRLA response to the FCA Fees consultation we have had follow on engagement to highlight member concerns and will be attending a roundtable and engaging on the Consumer Duty consultation.
- Reporting – engaging with the CBI to ensure member views on Environmental, Social and Government reporting are represented and that members are fully aware of all developments.
- Green Motor Finance – part of the Green Finance Institute’s Coalition for the Decarbonisation of Road Transport (CDRT) Purchase and Leasing workstream to scope out interventions to unlock financing for zero emission vehicles.
The motor finance sector is in a period of regulatory and market change. COVID-19 has created unprecedented levels of forbearance in the market, the rise of electric vehicles represent a new type of vehicle to finance and the regulator has introduced new commission disclosure rules, while are considering a wide range of new powers.
It is critical that the motor finance sector is able to continue to grow in a sustainable way and maintain compliance within the changing regulatory landscape.
The BVRLA's work in this field focuses on three main aims:
1. Sustain a healthy market environment for motor finance and maintain access to funds
The vast majority of new vehicles are financed, to enable the consumer to access vehicles the UK needs a vibrant motor finance market
2. Enable members to fund the transition to zero emission vehicles compliantly
As new cars shift from internal combustion engine to battery electric it is critical that the motor finance market is also able to transition
3. Advocate for reform of financial services regulation so it works better for members and consumers
Now that the UK has left the EU financial services regulatory reform is an option which Government is exploring.
Motor Finance Key Asks
The BVRLA is calling for a regulatory framework that works for members and their customers
