Brokers, who provide access to finance for new vehicles for many small fleets, have made moves to improve their practices.

The sector was devastated last year when several major funders stopped using brokers or reduced the numbers they would allow to quote for them.

However, it is still believed that broker business accounts for one-in-12 cars supplied by lease companies.

Now the BVRLA has introduced new rules for its 171 leasing broker members.

Included in the association’s revised code of conduct, which came into effect at the start of this month, are rules requiring brokers to provide clear guidance on how fleets can cancel orders and details of when they may be liable for a cancellation charge.

There are also rules requiring brokers to make the full terms of any business they sign available to the leasing company providing funding.

The changes have been welcomed by the National Association of Commercial Finance Brokers.

“The NACFB has had a code of conduct for vehicle finance brokers for the last seven years, which is reviewed every year, but any initiative which boosts professionalism in the broker industry is to be welcomed,” NACFB chief executive, Adam Tyler told Fleet News.

“Brokers often bear the brunt of criticism when markets go wrong; but those who can demonstrate that they comply with a code of practice, and are willing to raise their standards, should be applauded.”