BVRLA governance regime: what it means
- CCAS will audit BVRLA leasing broker members
- Programme will help broker members assess and demonstrate compliance with the BVRLA and other regulators, such as FCA and Competition and Markets Authority.
- The BVRLA will be carrying out in excess of 500 audits in 2016 under the new governance programme run by its dedicated compliance officer.
THE BVRLA has named the CCAS as the auditors to ensure compliance by its leasing broker members under its comprehensive new governance programme.
The moves have been welcomed by Mike Potter, chairman of the BVRLA leasing broker committee.
The governance programme with the CCAS to audit leasing brokers will be introduced in January 2016, as the BVRLA issues five sector-specific versions of its mandatory code of conduct.
“We went through a rigorous selection process ahead of making this decision,” said BVRLA chief executive Gerry Keaney.
He said: “CCAS was chosen for its impressive knowledge and experience of the leasing broker sector.”
CCAS managing director Andrew Smith added: “The services that we’ll be providing to members will underpin the professional standards of the BVRLA, reassure funders and build more sustainable business with customers.
“We’re really very pleased indeed to be chosen by the BVRLA to carry out such an important piece of work.”
Mike Potter said: “BVRLA broker members are leading the way in improving oversight in our sector and are responsible for an increasing slice of the contract hire market, with the PCH sector growing 44% last year.
“The launch of this new broker code of conduct and audit regime will give our customers even greater assurance that they will be treated fairly and receive great service.”
Assessors from renowned roadside assistance specialist the AA will carry out the quality assurance inspections for the association’s corporate members.
Both firms will assist the BVRLA’s members with maintaining their compliance with the association’s code of conduct.
Who are the auditors?
- CCAS has unparalleled expertise in the field of conducting consumer credit business under regulation. As well as specialist expertise to scope and design solutions, CCAS has the resources to deliver flexible managed services that ensure regulatory expectations are being met.
- As a leading provider of roadside assistance, the AA offers a range of services including customer and business assistance, vehicle inspections, a motoring school, motor insurance and financial services.
AA business development manager Howard Curle said: “It will help to reassure hirers that BVRLA members’ vehicles are maintained to the highest standards of safety while their premises and procedures are transparent and meet industry best practice.”
The programme will help rental, leasing, commercial vehicle and broker members to assess and demonstrate their compliance with the BVRLA and other regulators, such as the Financial Conduct Authority (FCA) and Competition and Markets Authority (CMA).
The BVRLA will be carrying out in excess of 500 audits in 2016 under the new governance programme, which will be run by the BVRLA’s dedicated compliance officer.
If an audit identifies compliance issues, members will be provided with advice, guidance and support. Any member who does not adhere to the code of conduct and does not rectify areas of concern raised in an audit can be expelled from the BVRLA.
