Against the backdrop of significant growth in the uptake of consumer motor finance, the Financial Conduct Authority (FCA) has been looking at the motor finance market to ensure that it works well and to assess whether consumers are at risk of harm.
The BVRLA represents over 400 leasing and leasing broker members, an increasing number of whom offer motor finance to consumers.
One of the areas of focus for the FCA is around how motor finance firms handle complaints, manage their complaints process and use the information to improve the customer experience.
The BVRLA is supporting members by developing a toolkit to proactively address the FCA’s concerns and this includes a series of factsheets, e-Learning modules and webinars.
The association has worked with inspection providers CCAS to develop the first factsheet, which is focusing on complaints.
The factsheet covers how to monitor and learn from complaints and gives best practice advice on promoting and running a complaints process and what to do with the information provided by complainants .