From next Monday, 31 July 2023, the Consumer Duty rules are live for open products and services. The BVRLA has put together a checklist that covers ten essential areas to help firms in their readiness to meet this deadline.
Leasing broker members should review the checklist and take the necessary steps to ensure that their leasing brokerage is Financial Conduct Authority (FCA) Consumer Duty compliant by the deadline. In addition, the BVRLA has also provided a table with corresponding action items, descriptions, and methodologies to help firms better understand the requirements and implement them effectively.
The BVRLA has recognised the need for continued support for members on the new Duty. In the association’s recent Industry Outlook Half Year Survey results, 40% of businesses have found interpreting the rules and guidance issued by the FCA difficult.
The checklist contains such questions as:
- Have you created and deployed your implementation plan, assigned responsibilities to your Consumer Duty champion and updated your Board or management structures (keeping appropriate records) in time to meet the Consumer Duty deadline?
- Have you familiarised yourself with the FCA Consumer Duty principles and guidance relevant to leasing brokers?
- Have you assessed and updated your policies and procedures to ensure they align with FCA Consumer Duty principles and promote good customer outcomes?
Find the ‘Checklist for Brokers – Complying with the Consumer Duty’ on the BVRLA website.
There is also a BVRLA Consumer Duty guidance page with implementation plan guidance, factsheets, webinars and other resources.
