This year’s Leasing Broker inspections have resulted in two areas frequently highlighted for improvement and the BVRLA would like to support members in keeping their processes up to date.
Compliance Procedures – the association is finding that the review dates on members’ Compliance Policies and Procedures are not up to date. It’s important to implement compliance procedures, but equally as important to review them on a regular basis and document evidence as and when this is done.
Commission Disclosure – the Commission Statement in all documentation should include the nature and basis of commission and whether the payment of commission to the firm by the funder affects the amount payable by the customer.
Members are encouraged to ensure they are adopting best practice for compliance all year around, If members want to discuss these areas in advance of their next inspection, or to see if their processes are keeping up to date, contact [email protected].
