All members have to comply the standard British Marine terms, but in addition to this British Marine Boat Retailers & Brokers members are requested to all comply with an additional code, which covers matters directly relating to Brokers and Retailers.
Compliance to the British Marine Boat Retailers & Brokers 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 British Marine 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.
British Marine 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 British Marine membership with the aim of protecting customers and maintaining the industry's integrity.