THE BVRLA has created a Commissions Working Group to provide concrete direction for leasing brokers and funders affected by the Court of Appeal ruling.
It follows input from both the Leasing Broker Committee and the Panel of Funders.
The Commissions Working Group will be a cross-sector collaboration to ensure all parties are agreed on the processes going forward and, says the BVRLA, “provide the guidance and structures that enable operational changes to be delivered in a robust, efficient, and manageable way.”
The Working Group will be chaired by the BVRLA, with member representatives from the Leasing Broker Committee and Panel of Funders. The first meeting is due to take place later this week to establish where the group will focus its efforts.
BVRLA to reflect member views on FCA consultation
In a statement to Broker News, the BVRLA said it would be representing member views as part of the Financial Conduct Authority’s (FCA) consultation on extending the time motor finance firms have to handle commission complaints. The consultation was announced last week and requests responses by 5 December 2024. Members with a view of this topic should share input for the BVRLA’s response via policy@bvrla.co.uk as soon as possible, to have their views considered in the consultation. The outcome of the consultation is expected before the end of 2024 and, regardless of the decisions made, will impact how members process complaints received in connection with the recent Court of Appeal ruling.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
