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Customer vulnerability and the impact of regulation were among the topics discussed at the final BVRLA Compliance Forum of the year.

The Financial Conduct Authority (FCA) has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5,397,600 for failing to treat its customers in financial difficulty fairly. Volkswagen Finance has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered harm because of its failings.

Last week’s Leasing Broker Conference saw the sector gather to discuss the evolving landscape of the leasing industry. A thread through the whole event was how to adapt for future success, with attendees given a valuable opportunity to hear about the key trends and innovations that will shape the industry in the coming years.

The upcoming Compliance Forum will shine a light on the full customer journey and explore the ways in which members need to ensure they are operating in a compliant way. Wayne Gibbard from Shoosmiths will be talking to delegates about origination activity and the customer journey, before Chris Fitch from The Money Advice Trust will speak on the importance of recognising Customer Vulnerability, and regulation in this space.

The final Compliance Forum of 2024 will take place on 30 October at the Shoosmiths office in Bow Churchyard, London. Starting at 10 am, the event will include lunch and provide excellent networking opportunities with peers, as well as the chance to stay ahead of critical compliance developments.

The BVRLA’s Regulation and Compliance Working Group will be meeting online on Wednesday 2 October and it is still possible for members to attend.

Brokers will have the opportunity to connect and stay ahead in a rapidly evolving industry, thanks to the BVRLA’s upcoming Leasing Broker Conference. The countdown is on to a packed agenda of expert speakers, insights, and unparalleled networking.

Brokers have more opportunities than ever to connect and stay ahead in a rapidly evolving industry, thanks to the BVRLA’s Leasing Broker Conference this October. With the backing of headline sponsor QV Systems, the conference promises a packed agenda of expert speakers, insights, and unparalleled networking.

In the latest BVRLA blog, marking the first full year of the Financial Conduct Authority (FCA)’s Consumer Duty being in place, the association’s Director of Legal and Membership, Shashi Maharaj, shares key themes and observations that BVRLA members need to be aware of.

July 2024 marked the first full year of the FCA’s Consumer Duty being in place. The Duty is fundamentally impacting how many BVRLA members operate and has required not just the introduction of new processes, but a step change in how organisations think and operate. The BVRLA’s Director of Legal and Membership, Shashi Maharaj recently attended the FCA’s “Consumer Duty: One Year On” event. Here, he shares some of the key themes and observations that BVRLA members need to be aware of. 

The Financial Conduct Authority FCA held an event on 31 July 2024 to look at the Consumer Duty one year on.

The BVRLA’s Regulation and Compliance Working Group will be meeting on Thursday 8 August. This meeting will focus on shaping a consultation response to the Financial Conduct Authority (FCA)'s review of Discretionary Commission Arrangement (DCA)s in relation to Motor Finance, and its recent proposal to extend the temporary pause on complaint handling relating to DCAs to December 2025.