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9 Sep 2024

Demand for bikes has soared following Britain’s strong performance in the Olympic cycling events in Paris, new research suggests.

3 Sep 2024

The British Independent Retailers Association (Bira) has responded to the BRC-KPMG Retail Sales Monitor for August 2024. The report, which can be downloaded here, has highlighted: 

28 Aug 2024

Bikmo, a leading cycling insurtech, and the Association of Cycle Traders (ACT), the UK’s largest and most established cycle trade membership organisation, have announced they are entering...

28 Aug 2024

E-Bike Positive, a new initiative with support from across the cycling industry, is set to equip the public with the information needed to buy safe, ride safe and charge safe while promoting and...

28 Aug 2024

Cycling Weekly has reported independent bike shops across the country continuing the call for reform of the Cycle to Work schemes in their current format and encouraged the government to help...

28 Aug 2024

A £1.5m project to refurbish a walking and cycling route in Coventry has been completed.

28 Aug 2024

The Bira Conference - hosted by ACT's parent company - will take place on Wednesday 16th October at One Great George Street, London.

28 Aug 2024

A Norwich cycle shop is offering commuters the chance to turn their regular pedal bikes into high tech e-bikes.

28 Aug 2024

The transport secretary Louise Haigh has been urged to turn her recent statement that she wants ‘unprecedented levels’ of investment in cycling into firm spending commitments in the...

12 Aug 2024

The shortlisted nominees for the BikeBiz Awards 2024, in association with Push have been announced.

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Retail Finance Retailer Awareness Handbook: A quick guide to your duties to the customer

Posted on in Business News , Cycles News

The Association of Cycle Trader's retail finance partner V12 have created a document that outlines a third party finance provider's (TPFP) duty to the customer.

The Financial Conduct Authority (FCA) have a duty to protect consumers. In doing this, they pay very close attention to industry standards and the role lenders and retailers play in making it a safe, informed space for consumers to shop using credit.

It is important that retailers read the document and familiarise themselves with industry standards.

Download the V12 Retailer Awareness Handbook now

 

The document contains information on the following areas:

  • Oversight & accountability; To ensure that they provide the best service and have the best retail partners, it's vital that V12 have a clear understanding of your business and its framework.
  • Competency of staff; Providing a compliant finance service means all retailer staff who deal with our product must be fully informed of their responsibilities.
  • Section 75; Section 75 states both the lender and retailer are jointly liable for any breach of contract or misrepresentation.
  • Complaints; When customers make a finance related complaint, both V12 and its retailers have a responsibility to take appropriate measures to handle the issue.
  • Affordability; Understanding the amount or having a reasonable estimate of a customer’s current income (and non-discretionary income) is essential to determining if they can afford to make repayments.
  • Fees; The FCA has found that, in some cases, consumers were unaware of the early settlement fee they would be charged on regulated Buy Now Pay Later (BNPL) products.
  • Exempt Products; While some of your products are exempt from FCA regulation, they still remain subject to the unfair contract terms provisions of the Consumer Rights Act 2015.
  • Vulnerable Customers; Protecting vulnerable customers is a key priority for the FCA, and for V12 and its retailers. Being able to identify possible vulnerability should be at the forefront of each application. 

 

The document also contains useful inks, such as information on the V12 system, information on the fair treatment of customers and a V12 training video.

Download the V12 Retailer Awareness Handbook now 

 

Train your staff effectively

IRFTTo train your staff to the standards expected by the FCA, the ACT recommend the Retail Finance Training course.

Retail Finance Training, brought to you by Indie Retail Training, is an online learning course delivering an informed insight into Retail finance that can be completed anywhere, in your own time.
 
The course will teach you how to legally promote and use retail finance in-store, online and in all other forms of media.

The course retails for just £150 including VAT. However, members of the ACT and ActSmart receive up to a 50% saving off the RRP, meaning that you can access the course from just £75 including VAT.
 
 
Membership level Gold Silver Standard
Standard Price
(Excluding VAT)
£62.50 £83.33 £125

Standard Price
(Including VAT)

£75.00 £100 £150

Try a free demo version now or get started with the full course by clicking below.
 
 
 

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