Having already gained Financial Conduct Authority approval, the Green Commute Initiative has further bolstered its position with the news that it has sought and gained a stamp of approval from professional services experts Ernst & Young.
The cycle to work provider, started by salary sacrifice legislation expert Rob Howes, is most noted for its ability to offer bicycles above the traditional £1,000 limit and at a 5% commission. It is one of a handful of new disruptors to the cycle to work arena.
Believed to be an industry first, the Earnst & Young approval does give GCI a further leg up in the market, with the review focusing on tax and national insurance arrangements. This, says the GCI, was to ensure that all its contracts and agreements were clear and complaint with rules.
In particular the review focused on the GCI’s deal with Northumberland Council. The report generated from this offers “the scheme arrangements are robust and comply with the relevant legislative exemption in respect of cycles and cyclist’s safety equipment.”
Speaking to CI.N, GCI added: “Our mission is to provide an industry leading Cycle to Work scheme and to be open and transparent in how we operate. We want to give all our customers, especially publicly-funded bodies, confidence that the scheme is legitimate. When our scheme first launched as the only one offering bikes over £1,000, there was some noise questioning the legitimacy of the scheme and we have sought to disperse this perception with both the FCA authorisation and Ernst and Young review.”