Last week’s episode of the Martin Lewis Money Show shone a spotlight on consumer rights relating to motor finance, focusing on the Financial Conduct Authority (FCA)’s Motor Finance Review into Commissions.
Four weeks ago, the FCA introduced a 37-week pause on the usual rules applying to the handling of complaints relating to PCP and HP agreements with Discretionary Commission Arrangements (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.
If your firm has seen an increase in customer queries regarding their finance agreement, or wants to make sure all staff have the right knowledge to answer queries relating to finance and leasing agreements, the BVRLA’s Specialist Automotive Finance (SAF) training can help.
The SAF Essentials e-learning modules cover PCH, BCH and Finance Lease products. On completion, delegates are awarded SAF-accredited status, also recognised by the Finance & Leasing Association (FLA).
Email [email protected] to find out more and access the SAF Essentials content.
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.
