The vast majority of new vehicles are financed, to enable the consumer to access vehicles the UK needs a vibrant motor finance market
The long term impact of COVID-19 forbearance on the sector is not yet clear. However, there are initial signs that access to finance is improving for firms in the BVRLA's Business Impact Survey results. The regulator must work with industry to ensure the market is able to return to strength.
- Regulators need to meet their statutory duties and work to maintain a healthy motor finance market which protects the interests of both firms and consumers.
- Regulators need to work to ensure the administrative burden and costs of compliance for firms are fair and reasonable and the service they provide timeous and accurate.
- Regulators need to engage more with industry and ensure their obligation to maintain a healthy market is met.