As the regulatory landscape continues to evolve, it’s more important than ever for members to regularly review their processes to ensure compliance and protect customer trust. Through the BVRLA’s ongoing inspection programme, it has seen some recurring themes that serve as useful reminders for everyone.
Here are a few key areas to consider when reviewing marketing and promotional practices:
- Keep your product offering and pricing accurate: Ensure your advertised products are available as described, and pricing reflects the actual offer.
- Review your disclosures: Check they are up to date, relevant, and contain all required information.
- Be clear with financial promotions: Make sure it's obvious what product is available at the advertised price and any factors that may affect it.
- Avoid prohibited practices: Ensure your marketing is free from any practices restricted under the Digital Markets, Competition and Consumers Act (DMCCA). See the ‘Digital Markets, Competition and Consumers Act 2024 – Unfair Commercial Practices’ factsheet.
- Follow FCA guidance: Align your financial promotions with the Financial Conduct Authority (FCA)’s rules and refer to the BVRLA’s Financial Promotions Factsheet. FCA guidance: Regulating Financial Promotions and Adverts and BVRLA Financial Promotions factsheet.
Taking a moment to review these areas could help prevent issues down the line and ensure communications remain compliant, clear, and customer focused.
Any questions can be directed to [email protected].
