VED, or car tax, is set to increase in line with inflation in April 2019. This reflects changes brought in by the Chancellor in the 2018 Budget. Whilst the VED system was significantly reformed in 2017, this is the first year that drivers will see inflationary rises.
From April 2019, the Ultra Low Emission Zone will come into force in London, replacing the current Congestion Charging Zone. It will be significantly expanded to include most of inner London in 2021. Most vehicles including cars and vans will need to meet new, tighter exhaust emission standards (ULEZ standards) or pay a daily charge to travel within the area of the ULEZ.
The FLA team is working on updating the SAF learning materials, ready for the end of Q1. The redeveloped package will make learning accessible at all levels, provide a seamless learning journey and make it easier for learners to develop their motor finance knowledge. The components are outlined below.
The Chancellor delivered his 2018 budget statement at the end of October, the last before Brexit, announcing better than expected public finances allowed for more Government spending than previously thought.
Changes to the way electric vehicles can be funded have been announced by Government and industry.
The regulator has evaluated the impact of its changes to the sale of GAP insurance.
The Specialist Motor Finance Apprenticeship was launched earlier this year and continues to grow in popularity with the first apprentices now starting their training.
We are currently working with the London Institute of Banking and Finance (LIBF) to redevelop the suite of training under our Specialist Automotive Finance (SAF) brand, launching early next year.
The FLA has issued guidance to members to help improve the information provided to customers on motor finance agreements through the provision of summary information at the point of sale and during the contract.