Support for members throughout changes in consumer finance regulations
10th February 2015

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 providers who can potentially offer personal loans for home improvement expenses.

“Customers benefit from very competitive rates compared to other sources of finance, making this a mutually advantageous offering for both them and our member companies. It's this kind of forethought and provision that has kept Network VEKA at the vanguard of the industry for so many years and resulted in the unprecedented membership renewal figures we've reported recently.”

Companies interested in learning more about the benefits of Network VEKA membership can visit the organisation's new-look website for information:

www.networkveka.co.uk/trade