BRBA Code of Practice
All members have to comply the standard BMF terms, but
in addition to this BRBA members are requested to all comply
with an additional code, which covers matters directly relating to
Brokers and Retailers.
Compliance to the BRBA Code of
Practice is a requirement of membership, and is monitored
annually. In 2008 an amendment was made to the code including a new
clause regarding the handling of customers' monies. The new clause
is designed to increase the robustness of the system, boost
consumer confidence and help promote the use of brokerage to buy
and sell boats.
After considering a range of options, the updated guidance now
calls for brokerage firms to have a separate client account in
which to hold clients monies during the brokerage process. The
guidance is applicable to all brokerage companies who are BMF
members and 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.
BMF assist its members to comply with the code by offering step
by step instruction and guidance. This covers issues including
writing to banks to make the necessary arrangements and the
deadlines for implementation. Failure to comply with the new
clause will result in the loss of BMF membership with the aim of
protecting customers and maintaining the industry's integrity.
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