By John Lewis, chief executive, BVRLA
Stockbroker, mortgage broker, insurance broker, leasing broker – there are many types of middleman that make a living from giving people help and advice with financial products and services.
Practitioners need to be customer friendly, have a thorough knowledge of what they are selling, and be good at explaining complex financial matters in layman’s terms.
Brokers also need to inspire trust. In these credit crunch-afflicted times customers and suppliers are looking for reassurance: that they can rely on the person or company they are dealing with; and that they operate to some sort of standard.
Contract hire companies are increasingly relying on car leasing brokers as a vital sales channel, particularly in the SME (Small- and Medium-Enterprise) sector.
The best way for leasing brokers to establish, measure and maintain standards is through some form of accreditation: British Vehicle Rental and Leasing Association (BVRLA) membership provides this. Belonging to a long established trade association, recognised by the government, provides an extra degree of credibility with customers. And introduces the broker to a range of networking possibilities with other members.
Membership also provides some more tangible benefits. Leasing broker members can take advantage of the association’s free legal helpline, information portal and a range of training courses and seminars.
BVRLA standards for leasing brokers
But it is not just a question of signing up and enjoying the fruits of membership. To be considered, a leasing broker has to:
- operate from commercial premises;
- provide references from at least two contract hire companies that they are working with; and
- supply evidence that they are a financially stable business.
Candidates are then inspected by an independent UKAS (United Kingdom Accreditation Service) quality assurance inspector. They will give their business processes a thorough examination.
Among other things, they will be looking for proof that the broker has a Consumer Credit Act licence; abides by the Data Protection Act; and provides adequate training for staff. This inspection will be repeated, on a random basis, for each year they remain a member.
Members must also agree to abide by the association’s code of conduct, which sets out standards of good practice. Sticking to the code should ensure that every customer enjoys a high level of service, but our members are also required to operate a prompt and efficient customer complaint procedure.
If a customer still isn’t happy with the way they have been treated, the BVRLA provides a conciliation service to assist in settling any unresolved dispute.
Read more on car leasing brokers
To access more information about the BVRLA, visit www.bvrla.co.uk
You can read more about brokers in our Advice Centre article What is a car leasing broker?