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.
Members with a view of this topic should share input for the BVRLA’s response via [email protected] as soon as possible.
The outcome of the consultation is expected before the end of 2024 and, regardless of the decisions made, will impact how members process complaints received in connection with the recent Court of Appeal ruling.
Regarding the ongoing uncertainty created by the ruling, the BVRLA is working hard to provide the guidance and structures that enable operational changes to be delivered in a robust, efficient, and manageable way.
Following input from the Leasing Broker Committee and Panel of Funders, the BVRLA will facilitate cross-sector collaboration in a formal and compliant setting. Only by having representatives from all parties around the same table can it be ensured that compliant ways forward can be forged.
To that end, the association has launched a Commissions Working Group to provide that direction. The new group will provide the vehicle for constructive conversations to take place with selected representatives from across the leasing broker and funder members. The Working Group will be chaired by the BVRLA, with member representatives being recommend by the Leasing Broker Committee and Panel of Funders. The first meeting will taking place later this week to establish where the group will focus its efforts.
The BVRLA remains committed to providing further information, resources and support to help guide members. If you have any questions, share them via [email protected].
