Consumer Duty and meeting the deadline

• Pictured above are broker members of the Consumer Duty panel: on the left is Lynda Gibson of Fleet Alliance and on the right is Jo Humphreys of the lcv group.

FOLLOWING the BVRLA Leasing Broker Conference, where representatives from Fleet Alliance and the lcv group provided detail steps taken to meet their Consumer Duty obligations – see our story Consumer Duty – countdown to 31 July – the BVRLA says it is aware that some brokers are concerned at the lack of consistency in format and communication from one funder to another.

According to the BVRLA, there have been reports of Fair Value Target Market (FVTM) Assessments being delivered in widely variable formats and along different timescales, making it difficult for a single broker to meet the respective needs of multiple funder partners effectively.

The BVRLA advises that these variations serve as a reminder for all parties in the distribution chain and specifically for both brokers and funders to:

• Take proactive steps to get ready to meet the Consumer Duty deadline on 31 July. There is no time to wait;
• Reach out to any or all funder partners to discuss any concerns or work through any processes related to the FVTM assessments. Log all points of contact to keep track of when conversations have taken place or been attempted;
• Establish dynamic communications process between broker and funder. Maintain this beyond the 31 July deadline. There is an ongoing need to have effective dialogue established between all parts of the distribution chain;
• Follow the lead of the brokers represented on the Consumer Duty panel. Appoint an internal champion, get an implementation plan signed off and put it into practice. Be proactive in raising any concerns or highlighting areas of doubt;
• Take complete ownership of your processes and your own success.

As well as speaking with funder partners directly, said the BVRLA, brokers were encouraged to visit the BVRLA Consumer Duty guidance hub.