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Businesses on deadline to adhere to FCA Consumer Duty

25 Oct 2022

Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.
Read more…

Shoppers predicted to spend £4.4bn less in the run-up to Christmas

24 Oct 2022

New research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.
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Legislate to close ‘hardship loophole’ to keep all road users safe, Cycling UK demands

20 Oct 2022

Cycling charity Cycling UK has renewed its call on the Government to close the loophole in the law which allows people to escape driving bans.
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VOLT partners with Deliveroo in branded e-bike trial for delivery riders

20 Oct 2022

VOLT today announces the launch of a collaboration with Deliveroo, the food delivery company, to trial subsidised e-bikes for a group of riders across the UK.
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Two for one Rouleur Live tickets

19 Oct 2022

Rouleur Live is Rouleur magazine brought to life, bringing together the best guests and the finest brands to offer consumers a truly unique celebration of cycling culture in London this... Read more…

One third want to cycle more to cut fuel spending

18 Oct 2022

People are looking to reduce their fuel spending by taking more journeys by bike, with as many as 30 per cent excited to rediscover two-wheeled journeys, according to a study by online cycling... Read more…

Energy Bill Relief Scheme for businesses to continue to end of March 2023, Chancellor confirms

17 Oct 2022

The new Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a statement that the Energy Bill Relief Scheme for businesses will continue to the end of March 2023 as planned.
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Government wants your views on impact of energy bills

14 Oct 2022

The Department for Business is asking all businesses to respond to a survey on energy bills and the impact increased costs are having on your business. The IRC is similarly urging members to... Read more…

Cost of living crisis forcing Britons to shun local for big brands

13 Oct 2022

National media has reported that most Britons say that the cost-of-living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.
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Study names UK’s best and worst cities for retail customer service

11 Oct 2022

A new study, by careers experts, StandOut CV, claims to have identified the best and worst cities in the UK for customer service by highlighting the frequency of positive and negative comments... Read more…

Businesses on deadline to adhere to FCA Consumer Duty

Posted on in Business News

FCA Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.

While the FCA has given authorised businesses one year to implement these new changes, it is important to begin reviewing your business and implementing the principle sooner rather than later. This way you have adequate time to educate staff, review policies and inner workings and really embed the principle in how your business treats customers and conducts its operations.

V12 have put together a Consumer Duty Guide which recaps on all this important information and has quick links to useful resources. You may find it useful to download this guide and share among your colleagues. To get your copy, click here.

The first deadline to be aware of is 31 October 2022. The FCA has said that authorised businesses’ Boards (or equivalent management body) should have agreed their implementation plans by the end of October 2022 and be able to show they have scrutinised and challenged these plans to ensure they are deliverable and robust to meet the new standards. We also said that authorised businesses should expect to be asked to share implementation plans, Board papers and minutes with supervisors and be challenged on their contents.

Read more about the retail finance here.

Retail Finance Training

One of the most effective ways to ensure that you and your staff are fully trained and compliant is by taking our Retail Finance Training course. Developed by ACT, it is the first online learning course for retailers which aims to build the skills and knowledge required to maximise sales using Retail finance.

You can find more information about Retail Finance Training on the service page and you can try the demo for free here.

Useful links

If you have any other queries please contact us.