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BMF acts to protect client monies
26 May 2008
The move is designed, says the BMF, to protect customers, boost consumer confidence, increase the robustness of the system, help promote the use of brokerage to buy and sell boats and maintain the industry’s integrity.
The code will be enforced by means of an obligation on firms to declare annually that the necessary arrangements are in place. This guidance will become the ‘best practice’ for buying and selling boats via the brokerage process.
Failure to comply with the new clause will result in the loss of BMF membership.
‘This new system follows a lengthy period of discussion about how we might best strengthen the trust of consumers and once again helps promote brokerage as an attractive option for buying and selling second hand boats,’ said BRBA chairman Dominic Smulders.
Calling on member firms to adhere to the revision of the BRBA Code of Practice, BMF chief executive Rob Stevens said: 'The BMF and BRBA are committed to providing the highest levels of customer service and, with that, protecting customers now and in the future. This is why we have reacted to what was a perceived weakness in the market to create a system which reassures members and customers alike.'
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