The BVRLA has responded to two consultations carried out by HM Treasury and the Financial Conduct Authority (FCA) concerning the regulation of the sales of insurance products. The new Insurance Distribution Directive (IDD) is an update of a previous EU Directive governing the sale of insurance products, and businesses such as vehicle rental companies, whose principal business is not the sale of insurance products, have previously been exempt.
The BVRLA are lobbying for this exemption to remain in place as members could potentially be saddled with increased costs should the exemption be removed. This could result in higher costs to customers or the withdrawal of an insurance offering from our members.
Prior to submission of the consultations, we met with both Treasury and FCA officials to demonstrate the benefits of retaining the exemption, focussing on the excellent value for money it gives to customers and the incredibly low number of customer complaints relating to the sale of insurance products (0.1%).
To find out more about the consultation process and our response to it, email Patrick Cusworth.