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FCA will test our sector

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13 February 2015

FCA
The FCA will set their sights on the leasing broker market
Jay Parmar
Jay Parmar – BVRLA

THE FCA will target the leasing broker market and test its compliance, warned Jay Parmar, the BVRLA’s director of policy and membership at the Lex Autolease broker conference in Liverpool (05 February 2015).

The stark warning was served as a hurry up to those brokers who had not started the FCA compliance process.

Our market is one of those the FCA will test, like it or not

“Our market is one of those the FCA will test, like it or not,” said Parmar, adding that the BVRLA was working with the FCA to ensure the Authority understood what the leasing broker sector provided:

“We are holding regular meetings on your behalf. We want clarity, transparency and fairness.”

Parmar confirmed that the BVRLA had produced five factsheets on FCA compliance for BVRLA leasing broker members and would continue to provide future insights on the FCA.

As well as this, he said that the BVRLA was reviewing the mandatory leasing broker code of conduct in light of FCA compliance.

“The code is being reviewed to modernise it and ensure a consistent approach and standard. We aim to encourage the FCA to recognise the code and adopt a light touch approach.”

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