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Authorisation and why it matters.

When it comes to borrowing money of any sorts, whether finding a mortgage, taking out a credit card or leasing a car, you would expect to be given personal, professional guidance by your advisor with the aim of finding the best available option for your circumstances. You would not expect recommendations to be made based on the company's commission benefits or lured in by an attractive deal only to be ushered into something else.

This is why credit brokers are required to be authorised by the Financial Conduct Authority. Carparison Ltd are an Appointed Representative of Product Partnerships Limited which is authorised and regulated by the Financial Conduct Authority (FRN 626349) and are committed to providing a professional and efficient service through our team of trained and experienced advisors.

Therefore, as well as checking how previous customers rate the service they have received from their leasing company by reading recent reviews and testimonials, it also important to ensure they have the relevant authorisation.

The Financial Conduct Authority.

As part of the Financial Conduct Authority’s remit, it exists to ensure that any company offering financial advice, issuing quotes or accepting orders on finance products is legally regulated.

At Carparison Ltd, as well as a regular independent audit to ensure the company's services and procedures are compliant, all staff members are also required to have the necessary training to provide competent financial advice.

The FCA will investigate leasing companies who do not follow their rules and guidance and they have the authority to prevent a company trading due to poor or improper conduct.

The BVRLA.

The British Vehicle Renting and Leasing Association, the BVRLA, are the governing trading body for vehicle leasing in the UK.

In order to meet the strict BVRLA standards of practice, leasing companies must abide by set codes of conduct and are regularly audited for the accreditation to be maintained.

In order to meet BVRLA approval a leasing company must:

- offer a high standard of service
- provide accurate and transparent information
- abide by fair terms and conditions
- use only accurate and clear advertising
- obtain all required licenses
- have a proven track record of strong customer service
- be GDPR compliant

The BVRLA are also an independent complaints body who are contactable if you feel the service you have received has been unsatisfactory, or an existing complaint hasn't been dealt with sufficiently by your leasing company. They also set the universal preagreed standard for the condition of vehicles returning from lease contracts. This expectation will be provided by your vehicle leasing broker at the start of your agreement.

Carparison are proud to offer the quality, honest service that is in-keeping with the values of these important regulatory bodies. However, we recognise that this may not always be enough to convince you of our integrity in isolation. So, if you would like to know more, our lovely team will be happy to help or simply see what our customers think!

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Posted on 15th February 2019 at 12:00 PM

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