Thanks to changes behind the scenes – where the FCA is taking over regulation of consumer credit activities from the Office of Fair Trading (OFT) – all retailers offering retail finance need interim permission from the FCA in place before April 1st.
If you don't and you are a retailer offering retail finance and holding a Consumer Credit Licence, then you may have your access to retail finance terminated. All current licences will expire at midnight on March 31st 2014.
ActSmart runs the V12 Retail Finance scheme with around 650 IBDs and has been urging those who have not yet applied for the interim permission to take action before the deadline.
Retailers should have received a letter from the FCA and OFT outlining these changes and the action needed to take in order to continue offering credit to their customers.
To apply for interim permission click here.
If you use V12 Retail Finance and have already got interim permission, but haven't updated V12 Retail Finance retailers are requested to send their interim permissions certificate to firstname.lastname@example.org
More details at www.rideitaway.co.uk