Search News

Results: 1-10 of 558


Maybe* gives shoppers the chance to win £100 for Independent's Day

30 Jun 2022

Independents' Day weekend is taking place from 2-3 July 2022. To celebrate Maybe* have got a tailor-made competition you can share across social media to encourage your customers to shop indie.... Read more…

Independents' Day blog: Prepare your business for a successful summer

23 Jun 2022

With this summer and for Independents Day, especially after the last few years, it is crucial that businesses can make the most of the increased footfall of physical shoppers.
Read more…

Are you maximising retail finance within your business?

23 Jun 2022

Retail Finance Training (RFT) is an online learning course delivering an informed insight into Retail finance that can be completed anywhere, in your own time.
Read more…

Win £500 in social media ads every month

23 Jun 2022

Every month Maybe* gives one of our clients £500 to spend on social media advertising. To enter all you need to do is watch the Maybe* training videos or attend their webinars.
Read more…

Welsh Government Publishes Retail Strategy

20 Jun 2022

The strategy outlines how the government will work with trade unions and businesses to regenerate retail and build a sustainable Wales.
Read more…

Retail Finance Retailer Awareness Handbook: A quick guide to your duties to the customer

15 Jun 2022

It is important that retailers read the document and familiarise themselves with industry standards to ensure they are creating a safe, informed space for consumers to shop and obtain credit.
Read more…

How to support Independents’ Day 2022

9 Jun 2022

A campaign that independent retailers across sectors and throughout the country can use to promote their own businesses online and in their own communities.
Read more…

Join Richardsons Cycles in raising money for the DEC’s Ukraine Humanitarian Appeal

9 Jun 2022

Richardsons Cycles are asking for the public’s help to cycle the distance from Scarborough to Kyiv, a whopping 1320 miles! All money raised will be going to the DEC’s Ukraine... Read more…

Catch up on the latest APPGCW meeting with Baroness Vere on Road Safety and Active Travel

9 Jun 2022

Baroness Vere discussed issues including the Road Safety Strategic Framework, response to the Roads Policing Review, the Road Collision Investigation Branch, 2021 Road Casualty Data, new vehicle... Read more…

Winners of the Local Bike Shop Day voting competition announced!

26 May 2022

For 2022 Local Bike Shop Day introduced an entirely new voting function, allowing customers to show their appreciation and loyalty for their favourite bike shop! The winning shop that attained... Read more…

Back to news menu

Retail Finance Retailer Awareness Handbook: A quick guide to your duties to the customer

Posted on in Business News, Cycles News

The Association of Cycle Trader's retail finance partner V12 have created a document that outlines a third party finance provider's (TPFP) duty to the customer.

The Financial Conduct Authority (FCA) have a duty to protect consumers. In doing this, they pay very close attention to industry standards and the role lenders and retailers play in making it a safe, informed space for consumers to shop using credit.

It is important that retailers read the document and familiarise themselves with industry standards.

Download the V12 Retailer Awareness Handbook now

 

The document contains information on the following areas:

  • Oversight & accountability; To ensure that they provide the best service and have the best retail partners, it's vital that V12 have a clear understanding of your business and its framework.
  • Competency of staff; Providing a compliant finance service means all retailer staff who deal with our product must be fully informed of their responsibilities.
  • Section 75; Section 75 states both the lender and retailer are jointly liable for any breach of contract or misrepresentation.
  • Complaints; When customers make a finance related complaint, both V12 and its retailers have a responsibility to take appropriate measures to handle the issue.
  • Affordability; Understanding the amount or having a reasonable estimate of a customer’s current income (and non-discretionary income) is essential to determining if they can afford to make repayments.
  • Fees; The FCA has found that, in some cases, consumers were unaware of the early settlement fee they would be charged on regulated Buy Now Pay Later (BNPL) products.
  • Exempt Products; While some of your products are exempt from FCA regulation, they still remain subject to the unfair contract terms provisions of the Consumer Rights Act 2015.
  • Vulnerable Customers; Protecting vulnerable customers is a key priority for the FCA, and for V12 and its retailers. Being able to identify possible vulnerability should be at the forefront of each application. 

 

The document also contains useful inks, such as information on the V12 system, information on the fair treatment of customers and a V12 training video.

Download the V12 Retailer Awareness Handbook now 

 

Train your staff effectively

IRFTTo train your staff to the standards expected by the FCA, the ACT recommend the Retail Finance Training course.

Retail Finance Training, brought to you by Indie Retail Training, is an online learning course delivering an informed insight into Retail finance that can be completed anywhere, in your own time.
 
The course will teach you how to legally promote and use retail finance in-store, online and in all other forms of media.

The course retails for just £150 including VAT. However, members of the ACT and ActSmart receive up to a 50% saving off the RRP, meaning that you can access the course from just £75 including VAT.
 
 
Membership level Gold Silver Standard
Standard Price
(Excluding VAT)
£62.50 £83.33 £125

Standard Price
(Including VAT)

£75.00 £100 £150

Try a free demo version now or get started with the full course by clicking below.
 
 
 

Back to news menu

Useful links

If you have any other queries please contact us.