Rod Lloyd: Why we’re stronger together when facing uncertain future

ROD Lloyd has been Chair of the BVRLA’s Leasing Broker Committee since January 2024, a time period that has seen seismic shifts in how leasing brokers are regulated and expected to conduct their business. In addition to representing fellow leasing brokers in the wake of such changes, he has also overseen his own business – the lcv group – being acquired by Global Vans, before picking up the Editor’s Award at the latest Broker News awards.

After a whirlwind period, Rod talks about why this year’s Leasing Broker Conference is more important – and timely – than ever.

How has the sector changed since you became the Chair of the BVRLA Leasing Broker Committee?

Our whole world seems to have changed in that time. I remember talking to Paul Parkinson when taking on the role. He preceded me and did a fantastic job at taking the committee forward, strengthening how leasing brokers and the BVRLA work together. At the time, he said to me “don’t worry, it will be a breeze.” There were a lot of things Paul got right, but I’m not convinced that was one of them!

Last October, our sector was rocked by the Court of Appeal motor finance ruling. Very few seemed to see it coming and I don’t think anybody was fully prepared for the fallout. The BVRLA really stood up and has continued to put resource into supporting brokers on this topic, pulling in external specialists when necessary.

In line with that and in my capacity as committee Chair, I probably spoke to hundreds of brokers in response to that ruling. My role was to offer as much support as possible, while relaying any views and concerns back to the BVRLA and other regulators through the various round tables and extraordinary meetings that occurred. Central to everything was the desire to keep on top of the situation and ensure that leasing brokers had a degree of safety in a precarious situation.

We’ve since had the case reviewed by the Supreme Court, with that judgement largely being seen to be a sensible one. The issue rumbles on however, it is now down to the FCA to interpret that judgement and set out appropriate rules that we can collectively follow to retain those high standards that help this sector succeed.

What are the other challenges being faced by leasing brokers?

There are plenty. Consumer Duty came in before the Court of Appeal ruling and is an important piece of ongoing work. Adhering to it and being able to demonstrate continued compliance will strengthen the position of brokers going forward and we know that the FCA will look to ramp up the repercussions for those found to be coming up short of the standards.

The Consumer Credit Act is also under review. While the changes aren’t likely to flow through for a while, we need to be mindful of what discussions are taking place and support the BVRLA in being our voice at the table. Outside of regulation, we are also seeing the market change. More new entrants are coming to the UK, particularly Chinese brands that are clearly taking the UK opportunity seriously.

And so they should.

Our sector has a lot of funders with an appetite to work closely with brokers. We have OEMs that want to work with us, and a number of trade associations that work in close collaboration to support our efforts and create a successful competitive environment. Among a host of challenges, we have many reasons to be optimistic about the future.

What are you looking forward to at this year’s Leasing Broker Conference?

Every year the event grows, be that in the numbers in attendance, the prestige of the speakers, or the physical delivery of the day.

This year I am looking forward to hearing Costas Pittas from the FCA fielding questions from BVRLA members. The FCA’s redress scheme consultation is due in October; hopefully it is published before the Conference so we can really explore the details with Costas and the other speakers. Either way, being able to put questions directly to the FCA is a strong development and will give attendees context specific to our sector and a greater understanding of the Authority’s thinking.

I’m also excited to see this year’s venue. It is a modern site with more space for us to network, meet prospective partners, and get a good look at some of the newest cars coming to the UK. It is also right in the centre of the country with plenty of parking!

Why should leasing brokers get a ticket to the Conference?

The timing couldn’t be better. We are still in this uncertain period following the Supreme Court judgement. The Conference has the best experts on stage and on hand to give the latest information. Brokers will leave with a strong idea of what is coming and the steps they should be taking.

I am also a firm believer that there is strength in numbers when changes are coming that could impact all of us. The BVRLA is at the centre of that and there is a responsibility on all brokers to get involved to give the team the input it needs to represent our needs.

Beyond that, brokers should attend to get the maximum value from being part of the community. After the year we’ve had, there is so much information for brokers to digest to keep their business safe and compliant. Only by being in the room can you get a handle on everything that is going on and a clear idea of what to do.

There’s more from Rod Lloyd on the conference at the BVRLA LinkedIn page which you can watch here: https://lnkd.in/p/eWTCxYPY

The Leasing Broker Conference is taking place at the ATMC in Coventry on Thursday 09 October. More details are available via LeasingBrokerConference.co.uk, where brokers can secure their space to attend.

The 2025 Conference is supported by Chery as the headline sponsor. Broker News is again the media partner, with additional partners including Fleet Procure, INEOS Grenadier, Leasing.com, and Tracker.