Resource Library

Putting the spotlight on the new Consumer Duty rules and what they mean for regulated members, the BVRLA is hosting a 60-minute Industry Outlook webinar on Thursday 11 August at 9am.

With millions of consumers facing increasing pressure from the rising cost of living. Inflation is forecast to reach new highs in 2022 and the Bank base rate is expected to rise in response. What might have seemed affordable a year ago – such as your vehicle lease – might not be now.

The Financial Conduct Authority (FCA) has said "The Consumer Duty will lead to a major shift in financial services".

As millions of individuals and firms face increasing pressures from the rising cost of living, the Financial Conduct Authority (FCA) has compiled its relevant resources into a single reference point.

The BVRLA's response to final structure of the FCA's Consumer Duty 

The Financial Services and Markets Bill was introduced to Parliament last week, delivering the government’s vision for a financial services sector that is globally competitive.

The FCA is due to publish its updated Consumer Duty guidance this week, setting how regulated members will need to act to adopt a consumer-first approach. To support members in understanding those changes, the BVRLA has gathered motor finance experts together for a free webinar for members on 11 August.

The Financial Conduct Authority will be publishing the final draft of its new Consumer Duty rules later this month. The BVRLA will be sharing details as they are published but is urging all members to start reviewing the potential impact on their business now. 

Plans to modernise consumer credit laws to cut costs for businesses and simplify rules for consumers were recently announced by the government. 

Many members will have recently received a letter from the Financial Conduct Authority (FCA) reminding them of the standards they should meet as consumers across the country are affected by the rising cost of living.  

The Financial Ombudsman Service (FOS) has announced the appointment of a new Chief Executive and Chief Ombudsman.  

Ahead of the FCA publishing its new rules for Consumer Duty this July, BVRLA members can access exclusive guidance that explains what is coming and what action they need to start taking now.