For example, at Vehicle Contracts, we have changed our computer systems, filing systems and processes. After five years, all consumer files are shredded or disposed of professionally via a specialist company in accordance with current legislation; we also don’t take credit or debit card details from customers. As further protection for the consumer we make sure all payments are paid directly to the relevant finance company

“As a one product provider, we are always sure that we are offering our clients the best product for them based on our portfolio, which is personal contract hire, or PCH.”

Why the consumer leasing industry needed regulating
Bad practice prior to the intervention of the FCA used to be considered fairly rife, with misleading advertising, “upselling” tactics and no fall-back for the customer if things go wrong.

Finding a reputable supplier online was difficult without any definitive rules of practice; companies who do not abide by the new FCA rules will now face fines and could potentially be struck off, meaning that they will no longer be able to trade.

Graham Treble continued;

“We, for one, are delighted that the Financial Conduct Authority is ‘cleaning up’ the leasing industry. As sole providers of PCH, we are passionate that individuals are given expert advice when they are choosing their next lease vehicle.

“Thorough understanding of the product, properly trained staff and an efficient office with procedures that protect the customer are essential components for any business who wants to provide a service that consumers deserve.”

FCA compliance

If you want to read more about what this means to you and business car leasing, read: How FCA accreditation for small fleet leasing companies will benefit SMEs