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Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
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Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

New awards launch to champion Britain's independent high street heroes

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring... Read more…

"Tectonic shift" in employment law threatens independent retailer viability, warns Bira podcast

6 Jun 2025

Independent retailers are facing a "generational" transformation of employment law that could fundamentally change how small businesses operate, according to the final episode of Bira's first... Read more…

Retailers hope warm weather and bank holidays will boost high street sales

16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
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Economic growth surges to 0.7%, but "April reality check" looms for high street retailers

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.
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Communities come together for Local Bike Shop Day 2025 celebrations

13 May 2025

Local Bike Shop Day 2025 brought a wave of... Read more…

ACT parent company Bira welcomes Bank of England's latest interest rate cut

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling... Read more…

ACT parent company Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow... Read more…

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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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