The Financial Conduct Authority will be publishing the final draft of its new Consumer Duty rules later this month. The BVRLA will be sharing details as they are published but is urging all members to start reviewing the potential impact on their business now.
Members can re-watch the association’s A spotlight on Consumer Duty webinar to get an overview of the implications.
The FCA ambition is for the Consumer Duty to transform consumer outcomes across all regulated products, putting pressure on companies to be more proactive in the way they monitor the customer experience and interact with their supply chain partners.
The BVRLA has called for greater clarity from the FCA on the impact the Consumer Duty regime will have on certain aspects of the motor finance business model.
The association will continue to with members to make sure they are able to meet the Consumer Duty requirement. It will shortly be announcing a comprehensive series of webinars that will consider the key aspects of the new rules and assist the BVRLA in making any changes to its training and governance regime.
See the BVRLA's Consumer Duty guidance page.
