CBS Support Update | May

Going beyond the FCA recommendations for all of our customers

Tags: Automotive CBS News

Since the outbreak of Covid-19, and the ensuing lockdown, Car Benefit Solutions (CBS) has implemented a range of measures to our employer customers and their employees who participate in CBS car schemes.

The key measures implemented so far include facilitating the extension of any live Credit Sale Agreement approaching its scheduled end date by up to 6 months, alongside proactively supporting both furloughed employees and those who are in genuine financial distress with a range of options.

CBS has gone beyond the measures recommended by the FCA (Financial Conduct Authority) both in terms of implementation date, but also through our intention that wherever possible, any employee in genuine financial distress should not end up paying any more interest on their Credit Sale Agreement than they had expected to at the outset.

We all hope that in May restrictions on businesses will allow for the reopening of automotive retailers in a way that protects the health and wellbeing of employees, customers and the general public. When each site and business does reopen, the CBS team will be available and in touch to offer all the support you need. The CBS team is also in regular dialogue with all sponsoring manufacturers to ensure that together each scheme reflects the current situation.

CBS will continue to try and support all of its customers in the best way possible and will review how best to do so as the current situation evolves. We would also welcome and encourage your feedback on how CBS can continue to assist both your business and your employees.

Most importantly, we hope that you and all of your colleagues, family and friends stay safe and well.

If you are an employer or an employee and have questions about your scheme, we are here as always to assist. Please contact us at help@carbenefitsolutions.co.uk.

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