It was reported on Friday that the Court of Appeal ruled on three motor finance cases relating to commission arrangements in favour of the consumer.
Sign up to one of two BVRLA webinars now (details below): Thursday 31st PM or Friday 1st November AM.
While the activities in these cases relate to Hire Purchase agreements, and it is expected that the ruling will be appealed, there are some key initial considerations:
- The decision is now law, irrespective of any leave to appeal against the judgement.
- This is independent of the ongoing investigation by the Financial Conduct Authority, which is considering the potential need for a redress scheme relating to Discretionary Commission Agreements. The FCA has indicated that it is carefully considering the judgement.
While the full details of the case and potential impact on BVRLA members are still being digested, the following action is being taken.
- The BVRLA Board met on Monday 28th to discuss the findings and establish the next steps.
- The BVRLA is working with Norton Rose Fulbright to fully digest the terms of this case and understand the potential impacts on BVRLA members.
- The BVRLA is in conversation with other trade associations, plus the Financial Conduct Authority and HM Treasury around the impact of the decision.
Further to this:
- The agenda of tomorrow’s Compliance Forum has been updated to give further details and high-level analysis of what the ruling means for members
- There are a limited number of last-minute spaces available. Members wishing to join the forum should email [email protected] as soon as possible. Event is taking place at Shoosmith, Bow Churchyard, London. 10:00-13:00.
- A webinar from the BVRLA and legal representation will take place on Thursday PM (31 October, 15:00-16:00) and Friday AM (01 November, 09:30-10:30). An overview of the ruling, expected impacts and next steps will be presented, with attendees able to submit questions live.
- The same content will be covered in both sessions. There is no need to attend both.
Further information and any guidance for members will be shared as appropriate in due course.
Members with any questions or concerns relating to this activity should contact [email protected]
Sign up to one of two BVRLA webinars now: Thursday 31st PM or Friday 1st November AM.
