The imbalance between personal and business demand is growing, according to the latest BVRLA Leasing Broker report. Presenting data to December 2023, the report shows PCH and BCH going in opposite directions, resulting in a net decline in the overall Leasing Broker fleet size.
Commissions, Consumer Duty and Co-manufacturers dominated the agenda of the first BVRLA Compliance Forum of 2024. Taking place at the Shoosmiths offices in Birmingham on 18 April, the Forum welcomed around 60 guests for a lively exchange on compliance matters, injecting fresh perspectives and forging connections.
Clarification is being sought on whether motor dealer brokers could be considered co-manufacturers under the terms of Consumer Duty. The Finance & Leasing Association (FLA) has contacted the Financial Conduct Authority (FCA) for further information on how Consumer Duty will be applied in the motor finance market.
The Financial Conduct Authority (FCA) has written to motor finance firms regarding the financial impact of its review into historical commission arrangements. Firms are being prompted to set budget aside to handle and resolve complaints that may arise as a result of the review.
The Financial Reporting Council (FRC) has recently published changes to Financial Reporting Standards (FRS) that will impact how members recognise revenue. The most important of these will see a requirement for operating leases to be reported on the balance sheet.
The split between business and private demand for new vehicles is becoming a gulf, with the BVRLA’s latest Leasing Outlook report showing the two market segments moving in opposite directions.
The Financial Conduct Authority (FCA) has published the results of the final phase of the Financial Resilience Survey. This survey began in light of the Covid-19 pandemic and has continued through several crises, providing valuable insight about the financial resilience of thousands of firms that it regulates.
The Financial Conduct Authority (FCA)’s ‘pragmatic’ approach to Consumer Duty enforcement was a feature of a recent speech delivered by Chief Executive Nikhil Rathi. Speaking at the recent Morgan Stanley European Financials Conference, Rathi looked at the FCA’s regulatory approach to deliver for consumers, markets, and competitiveness.
The first Compliance Forum of 2024 will take place on Thursday 18 April in Birmingham. Current subscribers are guaranteed two spots but need to confirm their attendance, while a limited number of tickets are available for new sign ups.