FCA

FCA places spotlight on PCP

The FCA has today provided more details of its work in the motor finance area.

It has reiterated that its key focus is in the areas of responsible lending, conflicts of interest, clarity and transparency, and risk around asset valuation.

It has highlighted the Personal Contract Purchase (PCP) sector, which it acknowledged was “popular with consumers”. The FCA confirmed that it has identified an extensive range of products across the market; some based on vehicle ownership and others on usership.

The BVRLA held its first motor finance taskforce earlier this month, where the association and several leasing broker members discussed how the industry can respond to the review and be proactive in raising standards and enhancing customer protection.

It was agreed that a vital part of this work programmes is to get the wider broker membership to embrace any recommendations from the taskforce and get them fully engaged into the benefits and value this would bring to their business and customers. Agreed actions from the taskforce will be shared with members in due course.

This article has been reproduced with the permission of the BVRLA (http://www.bvrla.co.uk)