IBDs offering retail finance set to save time and money with new ACT initiative

ACT members will be able to save time and money when offering retail finance with the new Retail Finance Appointed Representative initiative, meaning they get the benefits of offering regulated finance with no Financial Conduct Authority (FCA) involvement.

Over the past year, retail finance has played a key role in the sales surge experienced by the cycling industry; applications to purchase bicycles via retail finance shows no signs of abating as record numbers continue, said the ACT. When comparing January 2020 to January 2021, applications have increased by nearly 50%.

With more IBDs realising the value that retail finance can bring to their business, the ACT has now transformed the process to make it “easier and cheaper than ever before”. The new Retail Finance Appointed Representative service will save ACT members both time and money on a yearly basis by removing the FCA acceptance and renewal processes, the association said.

Key benefits of the new service include:
– Offer regulated finance to your customers
– No initial FCA application fee – save £100
– No FCA yearly renewal fees (except any incurred prior to being appointed) – save a minimum of £150 per year
– No FCA paperwork – save time and effort
– Liaise directly with the ACT, not the FCA
– Offer finance with no subsidies

For more information and to apply for the Retail Finance Appointed Representative service, please visit the ACT website here or get in touch at info@theact.org.uk.

Please note: Owing to the FCA fee structure and process for changing from a directly authorised business to an appointed representative, the ACT will currently be prioritising non-authorised businesses. Businesses that are already directly authorised by the FCA can still take advantage of the cost and time savings by becoming an appointed representative but the process will be completed nearer the next FCA reporting period.

Interested businesses should register using the form here and will be contacted by the ACT in due course.

Read the May issue of BikeBiz below: