Response to FCA on new guidance for firms

The BVRLA has replied to the Financial Conduct Authority (FCA)’s call for comment on the Draft Additional Consumer Credit Guidance in response to the coronavirus pandemic.

The FCA published the draft guidance with a submission deadline for comment of 21 September. The final guidance will be published by the FCA in the coming weeks. 

The BVRLA believe that it is the right approach to prepare firms to return to providing their customers with the tailored support the FCA usually expects but highlighted seven areas of concern.  

These included asking for motor finance-specific guidance and points on repossessions guidance, preventing escalating balances, voluntary terminations and consistency on complaints. 

Read the BVRLA’s response in full

You can find out more about open consultations and the BVRLA’s responses on the consultations page of the BVRLA website.