As a growing number of leasing brokers are offering GAP insurance services, members are being reminded to check that they have the appropriate FCA permissions in place.
It is likely that additional permissions are required for this activity, and anybody failing to have the correct permissions may not be meeting the needs of the Senior Managers and Certification Regime (SM&CR).
The BVRLA Leasing Broker inspection assess members’ adherence to Financial Conduct Authority permissions as part of the association's governance programme.
Each firm’s FCA permissions must be appropriate for the business carried out to ensure that trading can continue.
Read the FCA guidance on the BVRLA website.