The BVRLA has updated the Frequently Asked Questions (FAQ) document first shared with members last week. Provided by Norton Rose Fulbright, the document provides clarity on the most pressing questions raised by members in the short period since the Court of Appeals motor finance ruling on 25 October.
Updates in the latest version of the FAQ address:
- Which customers are sophisticated?
- Are firms out of scope if they only deal with sophisticated customers?
Areas already covered within the document span:
- 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.
The BVRLA’s work in this area is ongoing. Providing members with further details and guidance remains a priority, with more updates and documents to be shared in the coming days.
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].
