THE London Stock Exchange is moving all of its non-essential business use drivers from a company car to a cash allowance. The change in policy is designed to give the managers concerned greater freedom of choice, and of the 160 employees concerned 90 already take a cash allowance. The rest will join the new programme by the end of the year.

Drivers are being offered the option of a personal contract purchase plan through PHH Vehicle Management Services, and the company has given presentations to Exchange drivers on how the PCP works. PHH will buy the cars, including existing company cars, and lease them back to the drivers, offering options such as maintenance, accident management, finance and insurance. At the end of the contract the employee has the right to buy the car, return the vehicle, or use any disposal profit as a deposit for their next car.