The new Consumer Duty from the Financial Conduct Authority (FCA) is nearly here. An FCA spokesperson confirmed at the BVRLA’s recent Compliance Forum that there will be no official ‘grace’ period. Firms will need to comply with the new Duty as soon as it is implemented from 31 July.
New rules come into effect on open products and services from 31 July 2023, impacting all BVRLA members that conduct FCA-regulated business. The new regime will focus on consistent monitoring of good customer outcomes rather than technical adherence to specific rules.
How the Duty applies across the distribution chain and how firms will be impacted at each stage will be explored at next month’s Leasing Broker Conference.
A panel comprising of those leading the way in preparing for the new Consumer Duty will look at the collective progress made to date and where further work must be done. Chaired by the BVRLA’s Director of Legal and Membership, Shashi Maharaj, the panel will include:
- Jo Davis, Auxillias
- Lynda Gibson, Fleet Alliance
- Steve Cox, Lex Autolease
- Jo Humphreys, the lcv group
Conference delegates will hear about what steps they need to take ahead of the July deadline, also getting the chance to put questions to the panel to hear more about their personal experiences and challenges they have overcome in preparing for the new Duty.
The Conference is free to BVRLA leasing broker members, although spaces are limited and must be secured in advance by registering online. The full-day event is taking place at the Birmingham Repertory Theatre on Wednesday 21 June.
This year’s Leasing Broker Conference is supported by DAVIS, Fleet Procure, Hypervolt, Leasing.com, Leasys, Motor Complete and QV Systems. Broker News is the official media partner.
