Customer vulnerability and the impact of regulation were among the topics discussed at the final BVRLA Compliance Forum of the year.
In response to the recent Court of Appeal ruling on motor finance, the BVRLA pivoted the agenda to add in a session to discuss its immediate impact and what it could mean for members. Shoosmiths Partner Wayne Gibbard presented his immediate observations and took questions from delegates.
Wayne has condensed that presentation into a short video for members, which can be viewed on YouTube.
Recent regulatory acceleration was discussed, not just the Discretionary Commission Arrangement review, but also borrowers in financial difficulty, Consumer Credit Act reform, Consumer Duty and more.
Luis Hernandez of DWF’s presentation ‘Keeping your head out of the sand’ touched on the FCA’s concerns of the Principal/Appointed Representatives (AR) model, taking notice of the FCA’s examples of good and bad practice and key messages on fair value and customer impacts.
Chris Fitch of the Money Advice Trust gave a presentation on recognising vulnerability, looking at what customers may be vulnerable to and asking how they will be supported. The Money Advice Trust offer free online resources that could be beneficial in supporting members.
The final session looked at ‘The Future of Compliance: how can technology support the customer journey?’ with panellists from Voyc, Comentis, Bridgetech and Select Car Leasing.
The Compliance Forum and its agenda points will continue to evolve in line with the regulatory landscape. To express an interest in 2025 Forums, email [email protected].
See the BVRLA's news article: Court of Appeal Ruling: your questions answered.
