The BVRLA compliance team is reminding leasing brokers and other regulated members that support and guidance is available to support FCA-compliance.
The Financial Conduct Authority has this week published its motor finance report findings, highlighting concerns in three main areas:
- Conflicts of Interest linked to interest-based commission
- Shortcomings in pre-contract disclosures and explanations
- Inadequate compliance with the rules on assessing creditworthiness and affordability
The BVRLA is reminding members that guidance is available on Incentives and Conflicts of Interests and on Affordability/Suitability generally in our Guide to FCA Compliance.
Members not scheduled to have an audit any time soon can request a free desktop audit. Read News-in-Brief story published on 12 February 2019: Internal audits strengthen the BVRLA governance programme
