The BVRLA is reminding leasing brokers and other members who carry out regulated business and charge a fee either for work carried out or for cancellations, that they must have an Information Notice in place.
Internal audits conducted by the BVRLA has found that many regulated member organisations have not made an Information Notice available.
According to the FCA’s Consumer Credit Sourcebook, a broker must not request, claim, demand, initiate or take payment of a charge from a customer unless the notice has been provided.
The BVRLA has a template Information Notice document which can be provided to brokers who may not already have the document in place but require one.
Full guidance on when an Information Notice is required and what should be included in the notice is available in the BVRLA’s Guide to FCA Compliance.
