Consumer credit licence for subscriptions

[sunshine]

The other thread was locked so thought I’d post my information sources that look to answer the question of whether monthly instalments for subscriptions counts as a credit facility in the eyes of the FCA.

You do not need a credit licence to allow members to pay on an instalment plan

Articles regarding the regulation of golf membership finance are causing golf clubs unnecessary concern.

thegolfbusiness.co.uk

FCA Regulations for golf clubs

Does a golf club offering members to pay by direct debit for their membership fees need to apply for consumer credit licence consequently FCA registered?

interbacs.com

By the way, fair play to golf outlaw. 100% success rate for disruption and getting threads locked

 

[GreiginFife]

Talks about exemptions and compliance. The second article also seems to be less than clear and suggests legal guidance.

There may well be exemptions. I only know the extent to which I was involved with ensuring that the banks underwritten retail partners were compliant. Part of the check was assessing whether any form of forward facility was being offered and whether they were FCA compliant (registered and appropriately licensed).

Beyond that, I can’t add much more.

ETA: the article still acknowledges that the provision is still a credit facility.

 

[upsidedown]

Can't remember the exact ins and outs but we ended upfalling foul of the FCA and now outsource out deferred payments to Novuna. The big advantage is we get the money up front and don't have to worry about defaulters

 

[Bunkermagnet]

Can't remember the exact ins and outs but we ended upfalling foul of the FCA and now outsource out deferred payments to Novuna. The big advantage is we get the money up front and don't have to worry about defaulters

Quite common now for clubs to farm it out. Why should they have to chase people who don't pay?

 

[rulie]

Quite common now for clubs to farm it out. Why should they have to chase people who don't pay?

At one club I was at, there were many members who were always behind/slow in paying their club bills. The Board decided that they would post the names on the notice board of those members who were x days (more than 45, but I can't recall the exact number) behind. It only had to be done once and all members became much more diligent.

 

[Oddsocks]

At one club I was at, there were many members who were always behind/slow in paying their club bills. The Board decided that they would post the names on the notice board of those members who were x days (more than 45, but I can't recall the exact number) behind. It only had to be done once and all members became much more diligent.

I don’t see any explanation for this with the ease of setting up standard orders via online banking apps.

For me, if you abuse the clubs flexibility even once, the option to pay in manor given its being managed in house and generally interest free should be withdrawn for the offenders.

 

[rulie]

I don’t see any explanation for this with the ease of setting up standard orders via online banking apps.

For me, if you abuse the clubs flexibility even once, the option to pay in manor given its being managed in house and generally interest free should be withdrawn for the offenders.

This was well before the current banking options.