Now that the UK has left the EU financial services regulatory reform is an option which Government is exploring.
The current structure of the Consumer Credit Act and EU Consumer Credit Directive have both shown themselves to not be completely 'match fit' in the COVID-19 pandemic. Similarly, the global agenda for Envoriontal, Social and Governance (ESG) reporting has advanced significantly in recent years. Government has singled its intentions for both of these areas with the Financial Services Future Regulatory Framework Review and Mandatory climate-related financial disclosures consultations.
ESG reporting requirements are only going to increase. The BVRLA is engaging with relevant and other trad associations, such as the CBI, to ensure member views are represented. We would like for the roadmap of ESG reporting requirements and that reporting requirements are not too fast or overly burdensome on members.
Most recently the UK has established an expert group to advise them on a UK Green Taxonomy which is the framework setting the bar for investments that can be defined as environmentally sustainable.
If you would like to be involved in the BVRLA's motor finance workstream your support is welcome. Please get in contact with Policy and Public Affairs Advisor Eleanor Bruce.
The BVRLA responded to the Financial Services Future Regulatory Framework Review consultation and pushed for the prioritization of credit sector reform. The BVRLA continues to work with other stakeholder groups to push for CCA reform. Any members who would like to contribute to this workstream are encouraged to get in contact.