Top tips for finance
As the demand for high end, elective dentistry increases, so too does the importance of providing suitable finance options to your patients. Unfortunately, doing so is not necessarily a simple process – so here are a few helpful tips to help take the stress out of consumer credit.
#1 – Secure FCA authorisation
As of April 2014, the Financial Conduct Authority (FCA) took over the provision and management of consumer credit from the Office of Fair Trading. Now, it is mandatory that any institution that wishes to offer a deferred payment scheme is authorised by the FCA – which stringently upholds the guidelines that have been set out in the Consumer Credit Act. These rules apply unequivocally to all businesses and individuals who wish to offer any form of consumer credit, even if the treatment is ongoing.
#2 – Don’t try to do it yourself
The process of applying directly to the FCA in order to become fully authorised to offer consumer credit can be a complicated and drawn-out task. Not only are there many regulatory matters to tend to, but there are also regular reports that need to be sent and ongoing compliance factors that must be constantly addressed. This would, of course, be on top of the other administrative duties that a practice owner must account for.
As such, it might be wiser to look for providers that have been granted full permission to act as a Principal Firm and are in the position to authorise and manage a practice as an Appointed Representative on their behalf. From a legal perspective, and as a general guideline, the chosen financial provider should be able to:
- apply for and complete all FCA regulatory reports that must be made
- issue regulations and procedures designed to prevent any non-compliance
- carry the liability if anything goes wrong
#3 – Careful advertising
When advertising their new finance options to the public, practice owners must be particularly careful to comply with the FCA’s regulations in regards to financial promotions. Whether it’s in print or online, the FCA oversees all advertising with a great deal of scrutiny, to ensure that there are no misleading financial adverts on display, and that they comply with all of the rules.
To ensure this does not happen, it is worth working with a financial provider who fully understands the ins and outs of financial advertising – one who can ensure that all documentation and promotional materials are compliant before publication. Not only will this save time, but it will also help ensure full compliance.
#4 – Talk to the experts
Dental professionals are already busy enough without having to deal with the extra pressures and legal responsibilities inherent in patient finance. An easier option would be to give the matter to a team of experts who can manage the whole process on their behalf, securely and safely – so professionals can concentrate on providing nothing but the very highest quality dentistry to their patients.
As one of the UK’s leading providers of finance to dental practices, Chrysalis Finance is the ideal solution for you. Contact the team today to find out just how they could help arrange simple and secure patient finance.
For more information about Chrysalis Finance call us on 0333 32 32 230 or visit www.chrysalisfinance.com