Ahead of the FCA publishing its new rules for Consumer Duty this July, BVRLA members can access exclusive guidance that explains what is coming and what action they need to start taking now.
The Consumer Duty Guidance resources include the full recording of last week’s Industry Outlook: Spotlight on Consumer Duty webinar, which saw a collection of leading voices on the topic explaining how the incoming changes will impact BVRLA members.
Introducing the event, Toby Poston, BVRLA’s Director of Corporate Affairs, said: “The new Consumer Duty will be published in July for introduction in April 2023. This represents a major rethink in the way the FCA regulates motor finance. Going forward, they will expect more than just technical compliance with their rules – they want to see evidence of a consumer-focussed mindset with increased monitoring and focus on clear communications.”
Paul Parkinson, CEO & Founder, Synergy Car Leasing, and Chair of the BVRLA’s Leasing Broker Committee, gave the leasing broker perspective: “April 2023 affects big business and small business alike. Big businesses have a super tanker to turn around; small businesses can be far more agile. As brokers we have built our business on quality, so this new Consumer Duty holds no fear. The important thing is to get ahead of the game.”
Members are encouraged to view the guidance page on the BVRLA website, and to contact [email protected] with any questions.
