When Knaresborough-based reseller Clarity Office Solutions (Pennine) Ltd opted to bring in a compliance expert, Consumer Credit Compliance (CCC), more than 20 other franchises in the group opted to engage the services of the same provider.
After realising that applying for an FCA (Finance Conduct Authority) ‘permission’ – a legal requirement for all companies offering credit – was a complex and time consuming process, Clarity Office Solutions approached CCC for expert support.
CCC, based at Harrogate’s Windsor House, handles in excess of 400 compulsory permission application submissions for businesses nationwide.
Bernard Henry, Managing Director of Clarity Office Solutions, said: “When we received notification that we had to apply for our FCA permission I initially expected the process to be easy.
“How wrong I was. After a few hours of getting nowhere, I knew I needed to seek expert help. That’s when I turned to the CCC team. They did everything for me and, thanks to them, we have our permission, which is great news for us and for our customers too.”
He added: “My actions have now been copied by more than 20 other offices in the group, who have all turned to CCC to ensure they get their permissions in time.”
After taking over regulation of the consumer credit industry, the FCA instigated a new permission scheme and introduced a raft of new rules that companies operating in the consumer credit industry have to adhere to. Now, any company that fails to submit an application within a pre-determined timescale is unable to offer any form of credit to customers.
Consumer Credit Compliance Co-director Ian Beardmore said: “Every business that offers its clients credit must eventually have a new permission, even if they have been offering it for many years.
“It is not a two-minute job but is a complex and lengthy process. There are literally tens of thousands of companies in the same boat as Clarity Office Solutions that require an FCA permission and don’t have the time or the expertise to complete the task in the allotted timescale.”
Beardmore started the business 18 months ago with IT specialist David Petty and now employs a 16-strong team to help cope with soaring demand for its specialist services.