To ensure FCA-compliance, leasing brokers and other regulated firms must be able to show how they conduct business with their customers in a sales process document.
The BVRLA has issued guidance on ways to evidence all the necessary steps taken throughout the process to ensure that the customer has access to all the information that they need to make an informed decision. This also evidences regulatory compliance responsibilities.
This guidance provides an example of the information that should be included in the process and an idea of how brokers may wish to format this as a starting point to them creating their own. It’s important to remember that each firm is different, so sales processes will vary greatly from one broker to the next.
The sales process guidance can also be used as a training tool and to evidence that all staff members are following the process set out by the firm and that this is monitored.
This is something the auditors from CCAS look at on their visits too and it’s a trending area for fails, reinforcing the importance that members use this document to help ensure the correct processes are in place.
