NOW we are one: Consumer Duty that is.
It’s fundamentally impacted the operation of leasing brokers; most would say it has been highly beneficial, if a little taxing.
Introduced by the FCA on 31 July 2023, it’s required a step-change in processes that, in some cases, are still being implemented – and there will be further changes to come.
It is, as the BVRLA’s Director of Legal and Membership, Shashi Maharaj, says not a ‘once and done’ but a continuing journey.
“It’s clear through our own work on the Consumer Duty at the BVRLA, including the inclusion of the Duty into our Leasing Broker Inspection Programme, that our members have been keen to take on the challenge of delivering better customer outcomes.
“The Duty was always designed to be so much more than a simple tick-box exercise. It is encouraging to see so many taking the Duty in the right spirit by making positive changes.”
Shashi added that a key point to consider for the future was regarding contractual terms. “It is likely that the implementation of the Duty will make it even harder for firms to justify the use of often lengthy, small print documents which require intensive analyses to discern important information,” he said.
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.
