7
PRO INSTALLER MARCH 2015
PRO NEWS
@proinstaller1
Supporting
companies through
regulatory changes
Network VEKA has proactively addressed
changes in the regulation of consumer
finance, helping its member companies
to continue winning the larger contracts
typically associated with such funding.
Consumer finance is regulated by the Office of Fair
Trading (OFT) and Financial
Conduct Authority (FCA),
formerly the Financial Services Authority (FSA).
Since the FCA assumed responsibility for consumer finance in
April 2014, the regulatory regime for companies wanting to
promote consumer finance has
become more challenging, the
process involved in applying for
consumer credit licences being a
case in point.
Network VEKA’s Managing
Director, John Ogilvie, explains:
“The FCA’s regulatory changes make greater demands of
companies that wish to offer
consumer finance, so much so
that many businesses have been
dissuaded from doing so.
“Knowing that the ability to
offer consumer finance often
allows companies to command
orders of greater value, homeowners opting to re-glaze their
whole house rather than, say,
just the front or back, for example. We recognised the need to
put mechanisms in place that
would preclude our members
from missing those opportunities.”
Realising that not all Network
VEKA member companies were
interested in actively promoting
consumer finance, the organisation has introduced two kinds
of support, as John describes:
“Besides the offer of assistance
with applying for consumer
credit licences, members could
instead opt to add a Network
VEKA banner to their website,
directing homeowners to finance
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