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New rules for BVRLA leasing brokers

18th December 2009 Print

The BVRLA Leasing Broker Committee has strengthened its Code of Conduct as part of ongoing moves to improve standards of professionalism and customer service in the sector. The new code will take effect from 1 January 2010.

The enhanced code places more emphasis on after-sales service and requires all BVRLA leasing broker members to play an active role in dealing with customer queries and complaints. Leasing Broker members will have to provide clear guidance on how cancellations are made and communicated, together with details of circumstances in which a customer may be liable for a cancellation charge.

The new version of the code also requires leasing brokers to make the full terms of any business they sign available to the leasing company providing funding, to improve transparency and to raise standards.

“The Leasing Broker committee has been instrumental in helping us make these necessary changes to the Code of Conduct,” said John Lewis, chief executive of the BVRLA.

“This revised code reflects current business practices and legislation and will instil greater confidence among our member’s customers.”

The strengthened Leasing Broker Code of Conduct is the first of a series of measures that the BVRLA is implementing to improve broker standards across the sector. The association is looking to introduce a new accreditation process for leasing broker staff and a set of best practice customer service guidelines that focus on whole-life contract management, including the end-of-lease period.

Created in autumn 2007, the BVRLA Leasing Broker Committee has focussed much of its efforts on improving customer service, and has already produced results. Since 2008, the proportion of leasing broker members with complaints referred to the BVRLA conciliation service has fallen from 13% to 5%.