May 28, 2014
For Immediate Release
FCA regulation likely to lead to greater consumer confidence & more credit sales for the Renewables Sector
The FCA’s appointment as consumer credit regulator has sent ripples across the industry, with installers concerned about what it will mean for their business and the lengthy process to become authorised to offer credit. Andy Wallace, Managing Partner of Consumer Credit Solutions, said, ‘Installers are apprehensive about compliance and the potential penalties for getting it wrong, but it’s my personal belief that if installers put the interests of the customer first and play by the rules, they have little to fear.’
As part of the authorisation process, installers have to provide a business plan, financial forecasts, and information about promotional materials. Companies also need a complaints-handling procedure and training records for sales staff.
Andy added, ‘Smaller installers are particularly concerned about the effort involved, but the benefits of offering credit, in my opinion, far outweigh the negatives. Finance has been a game changer for the renewables sector. In the early days of solar customers typically used their savings to invest in panels but it’s fair to say the “low hanging fruit” has now gone. It’s become a business imperative for installers to offer customers finance options so they can invest in renewable energy products they otherwise could not afford.’
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Notes for the Editor
About Consumer Credit Solutions
Consumer Credit Solutions LLP was founded in 1999 by partners Andy Wallace and Peter Nicholson, and is the UK’s largest independent provider of point-of-sale credit to the home improvement and renewables sectors. CCS offers a wide range of finance products in partnership with leading ‘blue-chip’ lenders.
The business has a wide customer base ranging from independent retailers through to national companies, including: MyPlanet, Solarking, Edison House Ltd, SmartSave Solutions, Solarlec and Big Green Company.
As part of its credit management service, the CCS team delivers business advice and training in sales and credit application completion. Last year CCS helped its clients receive over £325 million in finance approvals, with plans to exceed £400m in the home improvement and renewables sectors in 2014.