The BVRLA has published a factsheet and is running a webinar to provide advice and guidance to Leasing Brokers and other regulated members who operate staff incentive schemes to help drive business performance.
The factsheet provides guidance on what should be considered when formulating incentive schemes. It includes some indicators of what would be considered by the Financial Conduct Authority (FCA) as high-risk and what would be low-risk.
The FCA expects regulated firms to understand the influence that staff incentive schemes have on driving employee behaviour, managing performance and influencing organisational culture.
The regulator is keen to clamp down on practices that have unintentional consequences of being detrimental to consumers.
The factsheet has been developed to support regulated members with FCA-compliance and can be accessed here on the BVRLA website.
Members are also encouraged to register to join the 45-minute webinar on Conflicts of Interest and Incentives.
To find out more about what the BVRLA is doing to support members with FCA-compliance contact BVRLA Legal and Policy Executive, Amanda Brandon.