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FCA authorisation (formerly CCL) no longer required

Posted on in Business News , Cycles News , Outdoor News

The FCA announced on 18th March that retailers offering limited retail finance options are no longer required to be authorised by the FCA.

The new legislation states that a credit agreement will be exempt if it meets all of the following lending criteria:

  • it is repayable by no more than 12 instalments (i.e. monthly), within no more than 12 months
  • it is a borrower-lender-supplier agreement (i.e. it finances the acquisition of specific goods or services)
  • it is for a fixed amount
  • it involves no charges or interest (i.e. there can be no admin fee) or is secured on land

This means that retailers who offer 0% (interest free) finance up to 12 months no longer have to be authorized and regulated by the FCA, or be liable for the annual fees and charges involved with being regulated.

V12 are currently analysing this new information to make sure that we can use this change in regulation for the benefit of those who think it would fit their model. A full review is expected to be completed within the next 4 weeks and all existing V12 retailers will be contacted.

Businesses that are currently FCA authorised and meet the above criteria should not cancel their authorisation until V12 retail finance have confirmed that they have made the necessary system amendments to incorporate these changes.

Retailers are recommended that if they operate on an Interim Permission that they proceed with their full authorisation before their ‘landing slot' expires.

If you don't currently offer finance and only intend on offering 0% interest free up to 12 months (as above) call ActSmart today on 0845 618 7256 to start your application to offer retail finance.

Want to offer more options and protect your margin?

Whilst retailers no longer need FCA authorisation to offer the above option, ActSmart and V12 have created a wide range of product options which enable retailers to offer their customers different APRs and protect their margin. In order to fully utilise all the product options available you will still require FCA authorisation, which costs just £100.

What next?

To find out more about the fastest growing sales initiative in the cycles and outdoor pursuits markets click here, or call us on 0845 618 7256 to discuss which options would be best for your business.

As well as benefiting from no start up costs, all retailers offering retail finance via the Ride it away or Take it outdoors scheme benefit from national promotion on and

In addition to online consumer promotion retailers also benefit from a range of in-store and online POS.

Online banners (see below) are available to download for free - click here.

In-store POS is also available to order - click here for more information. 


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