How FCA accreditation for small fleet leasing companies will benefit SMEs

It was announced a while back, that The Financial Conduct Authority were taking over the regulation of the financial services industry in the UK.

Those Leasing companies already trading had to complete a lengthy application process to obtain an Interim Licence, just to carry on trading.

In total contrast to what you may imagine, there was no industry backlash.

In fact, many leasing companies welcomed the FCA’s intervention and despite the lengthy and costly submission process, there is a general feeling that the changes under the FCA will be very positive for small businesses, SMEs and leasing companies.

Before now, the internet has been a largely unregulated place from an Advertising Standards Authority (ASA) perspective and increased competition from internet leasing companies has gradually led to misleading advertising practices.

The leasing company/broker marketplace was so crowded, that finding the right deal could be a real minefield.

Arguably, there is such a thing as too much choice and customers have often found it difficult to determine how advertised deals differ.