The BVRLA has published a new factsheet on the ‘FCA Review on Discretionary Commission Arrangements in Motor Finance’ today.
The factsheet has been produced to help members with questions from customers, following the Financial Conduct Authority (FCA)’s review of complaints handling relating to PCP and HP agreements with Discretionary Commission Arrangements (DCAs) in place. The guidance is designed to support brokers who have seen an increase in complaints from customers who believe they may have an agreement with a DCA.
The factsheet includes:
- Background to the review
- What action the FCA has taken and what kind of agreements it applies to
- What this means for brokers - including how to respond to complaints, good practice for record keeping and complaints procedures
- Links to useful information sources both from the BVRLA and the FCA.
See the BVRLA’s guidance page Motor Finance Complaints to download the new factsheet. This page also contains useful resources including links to an FCA webinar on the subject and further relevant information.
Email [email protected] with any queries.
