HOW TO OFFER FINANCE TO CUSTOMERS
What you need to offer finance to customers legally, along with ready-made documentation and expert support
Want to offer finance to customers so they can spread the cost of treatments or purchases? You need authorisation from the Financial Conduct Authority (FCA). In fact, this applies whether you run a dental practice, veterinary clinic, aesthetic clinic, hair restoration clinic, or motor dealership.
This FCA authorisation process can seem daunting if you have no background in financial services, but it does not have to be. That’s why we help businesses like yours navigate the application with ready-made documentation and expert guidance from former FCA supervisors.
WHAT YOU NEED TO OFFER FINANCE TO CUSTOMERS
When you introduce customers to a finance provider so they can pay in instalments, you are acting as a credit broker. Because this activity is regulated by the Financial Conduct Authority (FCA), most businesses that offer finance to customers need a permission called a Limited Licence to operate legally.
However, the good news is that you qualify for a simpler type of authorisation. After all, credit broking is not your main business. Instead, your primary focus is providing dental treatment, veterinary care, aesthetic procedures, or selling vehicles. The finance option is simply an additional service that helps your customers afford what you offer.
As a result, a Limited Licence is designed for exactly this situation. Consequently, the application process is more straightforward than full authorisation, and the ongoing compliance requirements are proportionate to the nature and scale of your credit broking activity.
CHALLENGES WHEN YOU WANT TO OFFER FINANCE TO CUSTOMERS
Naturally, businesses approaching FCA authorisation for the first time often find the process unfamiliar and time-consuming. In particular, our clients typically face these challenges:
Understanding what the FCA expects Without a background in financial services the regulatory framework can seem impenetrable. That’s why we translate requirements into plain language and then show you exactly what you need to do.
Creating a compliant business plan Your application must include a detailed business plan covering your credit broking activities, governance arrangements, and compliance procedures. Fortunately, our templates are already structured to meet FCA expectations.
Demonstrating adequate systems and controls When you apply FCA expects your application to show you have appropriate policies, procedures, and oversight arrangements in place. Rather than building everything from scratch, we provide documentation that demonstrates compliance straight away.
Completing the FCA application forms First-time applicants often find the FCA’s Connect portal and associated forms can be confusing. Depending on your preference, our guidance walks you through each step, or our consultancy service handles the submission for you.
Responding to FCA queries It’s common for the FCA to come back with questions during the application process. With access to expert support, you can respond confidently and keep your application on track.
Maintaining compliance after authorisation Of course, authorisation is just the start. Beyond the initial application, we help you understand your ongoing obligations and provide the documentation you need to stay compliant.
Over the years, we have helped practices and businesses across the country secure FCA approval, enabling them to offer finance to customers with confidence.
HOW WE HELP YOU OFFER FINANCE TO CUSTOMERS
Essentially, we offer two flexible options to suit your needs and budget, so you can choose the level of support that works for your practice.
What sets us apart is our team of former FCA supervisors and senior compliance specialists who understand exactly what the regulator expects. As a result, we know how to position your application for approval from the outset.
READY TO OFFER FINANCE TO YOUR CUSTOMERS?
Now you can choose the support level that works for your practice. Either download our self-guided documentation for immediate access, or alternatively book a consultation to discuss full consultancy support.