The BVRLA’s Leasing Broker inspection process has been updated to include a review of compliance with Consumer Duty regulations, in addition to the existing standards currently assessed.
Members should be aware that the Financial Conduct Authority (FCA)’s Consumer Duty regulations are being introduced to ensure that all customers are treated fairly and receive appropriate information and advice when taking out leasing contracts.
This means that all BVRLA Leasing Broker members will now be subject to an inspection that includes an assessment of their compliance with the Consumer Duty regime. This inclusion in the inspection process is an important step towards ensuring that BVRLA members are providing the highest standards of service to their customers.
Starting from March 2023, the BVRLA will begin to conduct advisory inspections of Leasing Brokers to help them prepare for the inclusion of Consumer Duty regulations in the formal scoring process. During this advisory period, Leasing Brokers will receive feedback on their compliance with Consumer Duty regulations, but this will not impact their overall score.
From the end of July 2023, the association will begin scoring Leasing Brokers on their compliance with Consumer Duty regulations, in addition to the existing standards. Leasing Brokers who do not meet the requirements of Consumer Duty regulations may receive a lower score, which could impact their BVRLA membership status.
The updated Leasing Broker inspection process will be conducted in a manner that is consistent with the existing standards and will be conducted by Product Partnership Limited. Leasing Broker members can expect to receive a notification from the association’s Compliance Team regarding the timing of their inspection.
If you have any questions or require additional information, contact the BVRLA Compliance Team at [email protected].
