This evening’s Martin Lewis Money Show shines a spotlight on consumer rights relating to motor finance. It is expected that the segment will focus on the parameters of FCA’s Motor Finance Review into Commissions. Members are advised that the show could lead to an increase in calls about vehicle lease agreements.
Airing on Tuesday nights on ITV, the consumer affairs programme regularly fields consumer enquiries and provides guidance on how to manage finances effectively. The segment due this evening on motor finance is likely to build upon the consumer advice available via the associated website.
Three weeks ago, the Financial Conduct Authority (FCA) introduced a 37-week pause on the usual rules applying to the handling of complaints relating to PCP and HP agreements with DCAs in place. The review does not relate to PCH agreements, although not all consumers will know if their agreement falls under the terms of the review. Speculative calls to check status may come into members, or there may be an increase in PCH enquiries.
The BVRLA’s guidance page – Motor Finance Complaints FAQ – addresses some of the questions members may receive from customers who are concerned if the FCA changes apply to agreements they have taken out. Brokers may also be concerned if the FCA update applies to the products they offer. The page contains a link to an FCA webinar on the subject and links to relevant FCA resources.
Any questions can be directed to [email protected].
