The inaugural meeting of the BVRLA’s Commissions Working Group took place last week. Chaired by the BVRLA, the group was attended by representatives from across leasing broker and funder members and aims to facilitate cross-sector collaboration.
Last week’s meeting was designed to establish the scope of the group and identify the critical issues relating to motor finance commissions post the Appeal Court judgment. From there, the key areas where compliant ways forward could be forged have been identified and will form the basis of upcoming meetings and areas for further exploration.
The new Working Group had constructive discussions around the following areas:
- Agreeing the Working Group terms of reference and initial meeting schedule.
- Making an appropriate response to the Financial Conduct Authority (FCA) Consultation (CP24/22: Further temporary changes to handling rules for motor finance complaints). This will be led by the BVRLA, although details will be shared with members tomorrow (Wed 4 Dec) to support them in making their own submission too.
- Identifying key points of uncertainty and potential actions that can assist funders, brokers and customers.
- Identifying pain points and unnecessary paperwork for customers which may help the customer journey.
The BVRLA remains committed to provide further information, resources and support to help guide members. If you have any questions, share them via [email protected].
There is also a range of resources on the BVRLA’s Commission Disclosure Hub.
