The Bicycle Association has obtained new guidance from the Financial Conduct Authority (FCA) on the potential impact of the ‘Consumer Duty‘ on the Government’s Cycle to Work (C2W) tax break scheme.
The Consumer Duty, overseen by the Financial Conduct Authority (FCA), came into force in July 2023, and differing interpretations of its potential impact on the operation of the Cycle to Work (C2W) scheme raised industry concerns.
In response, the BA sought clarification from the FCA on the issues raised by industry participants and where interpretations of Consumer Duty responsibilities differ.
We are pleased that the FCA has now produced the following letter in response to these queries:
The Bicycle Association will be analysing this letter carefully, and discussing with stakeholders, before making any further statement.