The BVRLA has today published a FAQ guide to address some of members’ immediate concerns following the recent ruling relating to motor finance commissions.
Following extensive, and ongoing, engagement with members, as well as the key themes raised during two webinars hosted last week, the Frequently Asked Questions (FAQ) document contains responses from Norton Rose Fulbright.
Hosted by BVRLA Chief Executive, Gerry Keaney, last week’s webinars saw partners from Norton Rose Fulbright explaining the details of the ruling before answering some of the most pressing questions raised by BVRLA members. They were then joined by Thomas McLennan and Shashi Maharaj from the BVRLA, as well as chair of the Leasing Broker Committee, Rod Lloyd, to provide further context.
Members can watch the sessions back via the new Commissions Hub now.
The FAQ document from Norton Rose Fulbright builds on the discussions in the webinars. Among other topics, it addresses areas such as:
- the scope of the recent Judgment
- what it means for commissions right now
- what is considered to be ‘informed consent’, and
- what steps can be taken by lenders and brokers right now.
Since the ruling on Friday 25 October, the BVRLA has been in conversation with the Financial Conduct Authority, HM Treasury, and other trade associations. The Board met on Monday 28 October and there is a special Leasing Broker Committee taking place this week to ensure the views of members are informing any steps taken by the association.
Members are encouraged to review the content on the Commissions Hub. It will be updated as more resources are made available. Any members seeking further input, or with questions yet to be answered should contact the team via [email protected].
