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22 Mar 2024

Rob Brown, co-director of Dalby Forest Cycle Hub, a not-for-profit hire scheme has been nominated for the Tourism Superstar 2024 award, run by VisitEngland.

21 Mar 2024

ACS (The Association of Convenience Stores) and the Federation of Independent Retailers (The Fed) have both welcomed a new report published by the Association of Police and Crime...

21 Mar 2024

As reported by Healthstores UK, new data contained in the 2024 Soil Association Organic Market report shows that independent retailers delivered an impressive 10% growth in 2023, with...

21 Mar 2024

An independent bottle shop and bar in Cheltenham has been named as the UK's Independent Beer and Wine Retailer of the Year 2024 at the Drinks Retailing Awards. 

21 Mar 2024

A number of organisations, including Bira (the British Independent Retailers’ Association), other trade associations, BIDs and unions have met with officials from the Welsh Government to...

21 Mar 2024

The British Independent Retailers’ Association (Bira) has reacted to data released by PwC and the Local Data Company exploring the state of the UK retail landscape.

8 Mar 2024

Daniel Blackham, editor of industry magazine BikeBiz, has been writing about his experience of completing the Cytech technical one qualification at training provider Spokes People in Milton...

6 Mar 2024

Cytech partner Activate Cycle Academy, the largest and most recognised training provider of bike maintenance and technical training courses to the UK’s cycle industry, recently welcomed a...

6 Mar 2024

The Greeting Card Association has reacted to a BBC Panorama programme lifting the lid on Royal Mail management prioritising parcel delivery over letters, which it says are in contradiction of...

4 Mar 2024

Pop star Kate Bush has been announced as an ambassador for this year's Record Store Day, on 20 April.

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Changes to CCL - tell us your thoughts

Posted on in Business News , Cycles News , Outdoor News

Take part in our survey to help us form an evidence base to present to the Financial Conduct Authority (FCA) regarding the recent changes to your CCL.

In July this year, the Financial Conduct Authority (FCA) notified all Consumer Credit Licence holders that responsibility for the regulation of consumer credit activities would be transferring to the FCA from the Office of Fair Trading (OFT) with effect from 1 April 2014. As a consequence of this, current licenses issued by the OFT will no longer be valid after 31 March 2014.

As you may be aware, any business that intends to continue offering consumer credit after this date is now required to register with the FCA for an ‘interim permission'. The cost of interim permission is £150 for sole traders and £350 for limited companies, partnerships and other types of businesses. There is currently an "early bird" discount of 30% for businesses applying for interim permission prior to 30 November 2013.

Understandably, this situation is causing considerable anxiety and frustration for our subscribers, with many having already paid in excess of £1200 for an indefinite CCL.

Having recently reported on the growth of the Ride it away scheme (read full story here ) and evidence showing that more customers are prepared to take on credit than they have been in the five years since the financial crisis, we believe that offering finance is a key sales tool for retailers.

Following our recent meeting at the FCA Head Office, our main focus is now to work with the regulator to ensure that the supply of responsibly-provided credit is maintained and made easily accessible to our subscribers.

We believe that the Government and the FCA have not fully understood the impact of the changes on small businesses, and would like to ask for your help in putting together an evidence base to ensure that the new regime is both fair and proportionate for businesses of the kind that are represented across the Ride it away, Slide it away and Take it outdoors retailer networks.

We would be very grateful if you would take a few minutes to complete a short survey to help us understand a bit more about your business/organisation and the consumer credit license you currently hold.

Take part in the survey

 

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