Should You Prioritise Working With A Finance Company Who Has An FCA License?

WestWon Divisional Director, Richard Porter, explains the role of the FCA in the asset finance space, and why it’s important to use a finance provider who is registered with the Financial Conduct Authority.

Who is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The aim of the FCA is to regulate in a way that adds the most benefit to those who use financial services.

This covers key areas such as;

Protecting consumers by securing an appropriate degree of protection for consumers.

Enhancing market integrity, protecting and enhance the integrity of the UK financial system.

Promoting competition, promoting effective competition in the interests of consumers.

What does this mean to you?

From bank accounts to mortgages, credit cards, loans, savings, and pensions, virtually every adult in the UK is a consumer of financial services. So one of the objectives is to ensure an appropriate degree of protection for all consumers.

They monitor which firms and individuals can enter the financial markets, making sure they meet the standards before they are authorised with a FCA licence.

What if a finance Provider is NOT regulated?

If you are speaking with someone who is not FCA certified, that individual or company ‘may’ not have your best interest. They will officially not be following the FCA guidelines, you will have little protection against fraud, your data, and there will be no legal responsibility to you.

Protection – FCA Authorised.

The FCA work to protect consumers in a wide range of ways. They act to ensure firms have their customers at the heart of how they do business, give them appropriate products and services, and put their protection above the firms’ own profits or income.

They supervise how firms work and can stop those that do not meet the standards from carrying out the activities they regulate.

Where they find that firms are not following the rules, they intervene. This may mean imposing penalties, stopping them trading or securing redress for consumers. It also means ensuring consumers receive the information they need in the right way, so they can make the best decisions for themselves.

How can I check?

Most if not all firms that are FCA authorised will have this either on their website or you can also check on the FCA register by searching either the company name or individual. You can find the information here: https://register.fca.org.uk/s/

WestWon – FCA licence Number 738235

WestWon have over 40 years’ experience within the finance sector, not only are we FCA accredited but we are also registered with the Information Commissioners Office, ICO. This ensure your Data is Protected and not sold or used for any other purposes.  Licence No. Z9936933. Full information on our accreditations can be found at https://westwon.co.uk/company-information/.

For more information or if you are looking for finance that is best suited to you and your needs contact WestWon on 01494 611 456 or email hello@westwon.co.uk.