Those offering flexible rental options exceeding 90 days need to be regulated by the Financial Conduct Authority (FCA) and the BVRLA is now offering a new Flexible Rental Audit to help support members with compliance.
The BVRLA and CCAS recently conducted a pilot audit with member XL Ltd, which operates a flexible rental business. The feedback was extremely positive.
Dean Anderson, Commercial Manager at XL Ltd said “I expected the FCA audit to be rigid, inflexible and autocratic. In fact, it was quite the opposite, very collaborative and very much a team endeavour. The auditor was very knowledgeable, and we worked on different scenarios together.
“It was definitely worthwhile working with the BVRLA, I gained a full understanding of FCA requirements and how it would work with our business. The auditor from CCAS explained how everything worked and how the rules and regulations would affect us, it helped us to understand what was expected of us.
“I would highly recommend the audit, it is vital to be compliant with up-to-date legislation. It is about protecting your assets as a business and understanding how to apply the law and where to go if things don’t go right.”
To find out more about the new Flexible Rental Audit, please contact the BVRLA Compliance Team