Print.IT Reseller
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Leasing
Chris Cowell, sales director for the
office equipment division at BNP
Paribas Leasing Solutions, is warning
printer resellers to act now to
comply with upcoming changes to
the regulation of consumer credit.
These changes affect all businesses that
currently hold an OFT licence and wish
to continue carrying out consumer credit
activity after 1 April 2014. This includes
equipment suppliers and printer resellers
who introduce leasing services to regulated
customers.
To help resellers make the necessary
changes, BNP Paribas Leasing Solutions
has published a guide to changes in the
regulation of consumer credit.
Cowell said: ”I strongly urge all dealers
to obtain a copy of our guide as it details
what they must do before 31 March to
remain compliant with the new changes.
We will not be able to process finance
proposals from partners that do not have
the necessary licences from 1 April.“
Transfer of responsibility
On 1 April 2014, responsibility for the
regulation of consumer credit will transfer
from the OFT to the FCA. The transfer
will result in significant changes to how
consumer credit activities are regulated.
The new regime will include a
stricter authorisation process, on-going
supervision and, in the event that things
go wrong, investigation by the FCA. In
order to perform regulated consumer
credit activities from 1 April 2014, affected
business will need to be authorised by
the FCA.
The FCA authorisation process has
been split into two phases:
1. By 31 March 2014, businesses must
have registered for interim permission
with the FCA. The FCA and OFT have
stated that equipment suppliers that
fail to do so will not be able to transact
regulated business after that date; and
2. Between 1 April 2014 and 1 April 2016,
businesses must apply for and obtain full
FCA authorisation.
The new FCA regulations require
businesses to
:
n
Ensure that their business details are
correct on all existing licence(s), for
example trading names, contact details
etc.;
n
Review the consumer credit licence
categories on the OFT website and
ensure their current licence categories
are consistent with the span of activities
undertaken by their business. Note: Print
resellers that have a trading agreement
with BNP Paribas Leasing Solutions
will require licence categories C (Credit
brokering), D (Debt adjusting) and E
(Debt counselling) to retain their facility;
n
Apply for any additional consumer credit
licence categories via the OFT website
if the current licence categories do not
cover all of the regulated credit activities
No time to lose
BNP Paribas Solutions releases guide to changes in the regulation of
consumer credit and what they mean for resellers
Chris Cowell, sales director,
BNP Paribas Leasing Solutions
Carol Roberts, managing director,
Bibby Leasing
Game On for more
than 600 resellers
More than 600 participants from
100 partners have already signed
up for the World Cup-inspired
Game On incentive from BNP
Paribas Leasing Solutions.
Running throughout the period
of the World Cup to July 2014, Game
On gives business equipment resellers
the chance to win a host of prizes,
including football tickets and a five star
trip to Brazil.
All registered participants have
until 31 March 2014 to qualify for an
all-expenses paid trip to Brazil and
tickets to the England vs. Italy game in
Manaus.
In addition to the grand prize,
participants can earn loyalty points
awarded on qualifying business. There
is also a monthly prize draw, designed
to maintain engagement and interest
in the incentive throughout the
promotion period.
Bibby Financial Services has
expanded its leasing division
with five new employees, all
of whom previously worked
for competitor Haydock
Finance.
Kevan Langley, Tim Brogden,
Donald Cameron, Clare Cartledge
and Stuart Cutler collectively bring
more than 120 years’ experience
in the refinance market to Bibby
Leasing.
They will form a new team that
is expected to be fully operational
by the start of April 2014. It will be
based in the North-West but have
a national remit.
Bibby Leasing managing
director Carol Roberts said: “This
announcement represents a
fantastic opportunity for Bibby
Financial Services to grow our
leasing business significantly,
to reflect what we see as a real
opportunity for growth in the
market this year. It is a great fit
for our own growth strategy and
allows us to develop a greater
presence in the leasing market.”
Bibby Leasing is a member
of the Finance and Leasing
Association (FLA) and part of
Bibby Financial Services, the UK’s
leading independent invoice
finance provider. It currently helps
over 5,000 businesses throughout
the UK purchase and refinance
expensive industry equipment.
Bibby Leasing
expands offering
they undertake;
n
Review the application requirements on
the FCA website, particularly the ‘Interim
permission registration step-by-step
guide’;
n
Register for interim permission via the
FCA website; and
n
Consider taking legal advice in
preparation for full regulation by
the FCA.
To obtain a copy of the BNP Paribas
Leasing Solutions guide, please contact
your account manager.
... act now to
comply with
upcoming
changes to
the regulation
of consumer
credit.
