As retail finance use grows ACT trims paperwork and costs

ACT members will benefit from a new Retail Finance Appointed Representative initiative, which now bypasses Financial Conduct Authority (FCA) involvement in transactions.

Over the past year retail finance has played a key role in the sales surge experienced by the cycling industry, adding to a trend that has been in the ascendancy.  When comparing Jan 2020 to Jan 2021 applications to purchase bicycles via retail finance increased by nearly 50%, according to the ACT.

In order to help bike stores realise the value that retail finance can bring the ACT has now altered the process, trimming down the steps needed to see deals through The brand new Retail Finance Appointed Representative service removes the FCA acceptance and renewal process, which in theory should save both time and money.

Owing to the FCA fee structure and process for changing from a directly authorised business to an Appointed Representative the ACT will currently be prioritising non-authorised businesses. Businesses that are already directly authorised by the FCA can still take advantage of the cost and time savings by becoming an Appointed Representative, but the process will be completed nearer the next FCA reporting period.

Key benefits of the new service include:

  • Offer regulated finance to your customers
  • No initial FCA application fee – (save £100)
  • No FCA yearly renewal fees (except any incurred prior to being appointed) – save a minimum of £150 per year
  • No FCA paperwork
  • Liaise directly with the ACT, not the FCA
  • Offer finance with no subsidies

For more information and to apply for the Retail Finance Appointed Representative service please visit the ACT website here, or get in touch at

All interested businesses should register using the form on this page