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2 Oct 2023

A new survey conducted to coincide with Cycle to School Week has revealed that more than a third of children are put off riding a bike because the roads are too busy. 28% said that...

2 Oct 2023

Simon Storey, of The Bicycle Bus has been presented with the Green Award at the BBC Coventry & Warwickshire Make a Difference Awards.

2 Oct 2023

A new report has indicated a total year on year fall of 8% in the UK bicycle market, with both mechanical and electric bikes affected. Sales of the latter were especially impacted and lagging...

20 Sep 2023

ACT members will benefit from a long term discounted commission of just 3%

18 Sep 2023

Sustrans are calling on schools and families across the UK to take part in Cycle to School Week from 25 to 29 September to experience how travelling actively can be healthy, cheap and fun.

18 Sep 2023

New statistics showing a 5% fall in cycling from last year should be a “wake-up call for the government” and are due to the Government's "flawed" decision to slash the...

18 Sep 2023

The government’s Active Lives Survey has revealed that, in 2022, Cambridge (50%), Oxford (35%), Isles of Scilly (30%), Hackney (28%), and Southwark (25%) were the five local authorities in...

18 Sep 2023

ACT member Balfe’s Bikes has begun its plan to introduce Cytech apprentices to its stores and upskill existing staff through the Cytech training programme.

15 Sep 2023

The team from Whistler Adventure School (WAS), which recently became the only centre in Canada accredited to offer Cytech technical three, is to deliver a series of free sessions in Scotland,...

6 Sep 2023

Offers designed to help Londoners 'make the green transition' following the expansion of the ultra low emission zone (ULEZ) last month include a range of discounts, offers or trials available...

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FCA to hold webinar on new Consumer Duty

Posted on in Business News , Cycles News

The Financial Conduct Authority has confirmed plans to introduce a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.

The FCA will be hosting a webinar on 1 November at 14:00 for firms, trade associations, professional bodies, and compliance consultants working in the retail lending sector to clarify its expectations and help firms prepare for implementation.

During the session, the FCA will focus on the following areas:

  • Its expectations for firms under the Consumer Duty and key milestones during the implementation period
  • What outcomes-based regulation is
  • What the Consumer Duty means for the retail lending sector

They will also take questions during the live webinar, or you may submit them as part of your registration

You can register for the webinar here: https://webinars.fca.org.uk/consumer-duty-webinar-retail/join

Additional Information

The FCA outlines that authorised businesses should "provide products and services that are designed to meet customers' needs, that provide fair value, and help customers achieve their financial objectives and which do not cause them harm."

Businesses authorised by the FCA can support consumers in pursuing their financial objectives by designing and offering products or services with clear and straight-forward features so they can be understood by consumers in the target market.

So, what does this mean?

Simply put, it means that products should be right for the customers you're selling them to.

The FCA requires authorised businesses:

    • ensure that the design of the product or service meets the needs, characteristics, and objectives of customers in the identified target market
    • ensure that the intended distribution strategy for the product or service is appropriate for the target market
    • carry out regular reviews to ensure that the product or service continues to meet the needs, characteristics, and objectives of the target market

What does this mean for you?

As an authorised business, you are at the start of the purchase process with the customer, and it is important that you offer all customers the same available finance products. You should be confident that finance products are suitable for your customer demographic and that customers don't feel as though your proposed finance products are their only option of payment.

Check that you offer all customers the same products and that your products are suitable for those customers.

Finance Calculator

The Ride it away Finance Calculator lets you assess with your customer how their monthly finance payment can fit into their budget, which can be found here: https://www.rideitaway.co.uk/finance-calculator

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