ESSEX broker Balgores was hit by an attempted ‘passing off’ or a cloning of one of its ads. The advert was featured on Facebook. Phil Slyfield, sales director, said the cloning had been reported to Facebook and the advertisement taken down. “As far as I understand, the cloners replicate your ad at first and then start to subtly change elements such as…
IN a letter to all credit brokers, the Financial Conduct Authority (FCA) reiterated its focus on putting the customer central to broking operations. It said that brokers should take action to de-risk their operations where there is the potential for customer harm (February 13, 2020). The communication from the FCA is part of the Senior Managers & Certification Regime says Joanne Davis,…
RICHMOND-based broker Kew Vehicle Leasing is taking the lead in customer transparency: it is now openly disclosing the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. It is the first broker to take this step. In addition, Kew Vehicle Leasing says it will also disclose the lender as a matter of course. Commission structures are the…
MORE needs to be done on educating customers on the various types of car funding available, says the Fleet Alliance Group. The Glasgow-based broker company reckons the industry has a duty to educate the general public on the different providers and products in the market. Although Fleet Alliance welcomes the Financial Conduct Authority’s regulations controlling finance broker commissions – where the amount…
THE Financial Conduct Authority (FCA) has presented its views on commission models. The views were made at the recent BVRLA Leasing Broker Committee meeting on November 05, 2019 at the BVRLA’s Amersham HQ. The FCA, which is currently consulting on the banning of commission models that offer motor finance brokers and dealers an incentive to raise customers’ interest rates, provided clarification to…
I WANT to take issue with the story Regulatory threat to PCH on treating customers fairly run in Broker News, November 12, 2019.. Karima Haji, director of Auto Novo, makes the point that treatment of leasing brokers is more ‘fluid’ than that of captives, car finance brokers and car dealers. Not only is that statement baffling, but it’s incorrect. All sectors are…
THE growth of personal contract hire has been spectacular – the BVRLA’s latest leasing statistics show that broker-driven personal leasing is at +23% against a declining business contract hire market. But with this growth comes an increasing regulatory threat believes Karima Haji (above), director of Auto Novo, a change practitioner in the automotive sector. “The issue is over treating customers fairly,” commented…
LEASING broker audits carried out by the BVRLA will include assessment of Financial Conduct Authority (FCA) permissions. The BVRLA says its audit programme will consider whether brokers are involved in any introductory activity for products or services outside of their own business offers. And whether brokers have sufficient permissions. For example, a common activity for brokers to be involved in an introduction…