Car buying expert, Zuto, has received authorisation from the UK’s Financial Conduct Authority (FCA) to provide consumer credit broking and intermediation services in relation to car sales and hire, making it among the first within the car finance industry to secure accreditation.
In April 2014 the FCA took over regulation of consumer credit from the Office of Fair Trading, requiring all firms involved in consumer credit brokering or intermediary services to become authorised. The FCA’s predecessor, the Financial Services Authority, previously regulated Zuto since 2006 for the sale of general insurance.
As a result of this approval from the FCA, Zuto is now fully authorised to act as a credit intermediary for consumers looking to secure car finance.
Discussing the approval James Wilkinson, CEO of Zuto, commented: “Since our launch as Car Loan 4U in 2006 we have always been dedicated to providing our customers an experience and service that they can trust. As one of the first in our industry to secure FCA approval, this is a landmark step in ensuring that we not only continue to deliver the same level of quality and service to customers, but also lead our industry with standards in best practice”.
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The FCA authorisation has been confirmed shortly after an extensive rebrand for the car buying experts, which has seen them shift their positioning to solely focus around delivering its customers support at every point of their buying journey, from securing finance right through to driving away in their new vehicle.
In April, the company also picked up Intermediary of the Year at the first ever Motor Finance Europe Awards.