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8 Sep 2022

Make sure your V12 Retail Finance contact details are correct by updating your records. 

6 Sep 2022

27% drop in number of cycling trips per person in 2021 compared to 2020, new data reveals.

5 Sep 2022

There’s still time for bike shops to urge their customers to get involved with Cycle September, the world’s biggest group ride.

5 Sep 2022

With more people heading back into cities and offices after the pandemic, the topic of road safety has never been more important. Especially for cyclists, it’s vital to be aware of the...

1 Sep 2022

Home Office data has shown more customers leaving shops, restaurants and petrol stations without paying as the cost-of-living crisis bites. The data shows there were 51,486 offences of...

31 Aug 2022

Industry charity GroceryAid has teamed up with Business Debtline to provide support and guidance to the growing number of independent retailers facing debt and unpaid invoices.
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30 Aug 2022

Nearly 14% of small UK businesses expect to close in the next twelve months, according to a new report published by the Federation of Small Businesses.

25 Aug 2022

The Trade Remedies Authority, the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports, has proposed that...

24 Aug 2022

The Department for Transport has announced a £12.7m trial to begin later this year, in which GPs in England will be able to prescribe walking or cycling as a way of improving mental and...

23 Aug 2022

Government research has revealed that UK businesses only begin to appreciate the importance of cyber security once the business has sustained a “serious” attack.

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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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