Cyclescheme retailer agreement updated: “no additional fees”

Today, Cyclescheme, part of BHN Extras, has confirmed it is updating its retailer partner agreement to “ensure fairer pricing for Cyclescheme customers”, it says. The move, expected to be unpopular with some bike shops, means that retailer partners will be unable to charge additional fees or surcharges on cycle to work purchases made through the scheme.

Cyclescheme said: “To ensure participant experience is in line with their expectations, Cyclescheme are asking that their retailer partners commit to a policy of no additional fees and full availability as advertised when a customer redeems a Cyclescheme certificate. The updates also reflect the most recent FCA regulatory requirements and compliance policies.”

Adrian Warren, Senior Product Director at BHN said: “We are committed to getting more UK employees cycling to work, by removing the financial and accessibility barriers associated with getting a new bike’. This update to our retailer agreement ensures that Cyclescheme customers are being met with consistent and transparent pricing, reducing confusion for retailers and participants, and aligning with regulatory guidance. With a shared goal between retailers and Cyclescheme to get more people cycling, these changes will create a more positive and fair experience for all participants.”

The revised retailer agreement will come into effect on 22nd December 2023. Retailers who are part of the Cyclescheme network, can access the revised agreement at www.cycleschemeb2b.co.uk