Resource Library

The inaugural meeting of the BVRLA’s Commissions Working Group took place last week. Chaired by the BVRLA, the group was attended by representatives from across leasing broker and funder members and aims to facilitate cross-sector collaboration.

With the festive season fast approaching, now is the time to check your VE103B stock levels. The cut-off date for VE103B orders to be delivered before Christmas will be Tuesday 17 December.

The Financial Conduct Authority (FCA) has confirmed the details and timings of its consultation on extending the time motor finance firms have to handle commission complaints. The consultation was announced last week and requests responses by 5 December 2024.

The Financial Conduct Authority (FCA) is consulting on extending the time motor finance firms have to handle commission complaints. Its decision to consult follows the Court of Appeal’s 25 October judgment.

The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint call for input to seek views on how to modernise the redress framework, so it better serves consumers and provides greater stability for firms to invest and innovate.

The BVRLA has updated the Frequently Asked Questions (FAQ) document first shared with members last week. Provided by Norton Rose Fulbright, the document provides clarity on the most pressing questions raised by members in the short period since the Court of Appeals motor finance ruling on 25 October.

The BVRLA has today published a FAQ guide to address some of members’ immediate concerns following the recent ruling relating to motor finance commissions.

Customer vulnerability and the impact of regulation were among the topics discussed at the final BVRLA Compliance Forum of the year.

The Financial Conduct Authority (FCA) has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5,397,600 for failing to treat its customers in financial difficulty fairly. Volkswagen Finance has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered harm because of its failings.

It was reported on Friday that the Court of Appeal ruled on three motor finance cases relating to commission arrangements in favour of the consumer.

The leasing broker fleet has seen a slight fall compared to post-pandemic numbers but still above levels seen before 2021, according to the latest BVRLA Leasing Broker report, presenting annual data to June 2024.