What services does ABM Global Compliance offer to consumer hire firms?

ABM Global Compliance provides a range of services including FCA authorisation, AML/CTF policy development, risk management frameworks, governance and internal controls, regulatory reporting, and ongoing compliance support.

How can ABM Global Compliance assist with FCA authorisation?

We assist consumer hire firms in obtaining FCA authorisation by preparing the necessary application documentation, establishing governance structures, and ensuring compliance with regulatory requirements.

What is included in AML/CTF & KYC/KYB policy development?

Our services include the development and implementation of anti-money laundering, counter-terrorist financing, and know-your-customer/business policies tailored to the specific needs of consumer hire firms.

Why is a risk management framework important for consumer hire firms?

A robust risk management framework helps consumer hire firms identify, assess, and mitigate potential risks, ensuring compliance with regulatory requirements and protecting the firm's reputation.

What does ongoing compliance support entail?

Ongoing compliance support includes continuous monitoring of compliance status, staff training, and updates on regulatory changes to ensure consumer hire firms remain compliant with evolving regulations.

Consumer Hire Compliance | FCA Advisory & Licensing

Overview

Consumer hire businesses lease goods to customers without transferring ownership, operating in a highly regulated environment that emphasizes transparency, fair treatment, and consumer protection. Clear disclosure of contract terms, pricing, and consumer rights is essential. ABM supports consumer hire firms by designing robust compliance frameworks, guiding licensing applications, and providing ongoing advisory services to ensure regulatory alignment and operational integrity.

Key Compliance Challenges

Consumer Hire Agreement Compliance

Firms must ensure that all hire agreements comply with relevant laws, clearly outlining terms, responsibilities, and obligations to customers.

Fair Contract Terms and Disclosures

Transparency in pricing, asset ownership, and contract conditions is critical to meet regulatory expectations and protect consumers.

Complaint Handling Procedures

Agencies must maintain structured processes for receiving, managing, and resolving consumer complaints in compliance with FCA and consumer protection guidelines.

FCA Authorisation for Consumer Hire

Obtaining the appropriate FCA permissions is required to operate legally, demonstrating sound governance and adherence to regulatory standards.

Pricing Transparency and Asset Ownership Clarity

Firms must clearly communicate costs, fees, and ownership terms, avoiding misleading statements or practices.

Data Protection and AML Compliance

Consumer hire businesses must implement robust data protection practices and anti-money laundering procedures to safeguard customer information and prevent financial crime.

How ABM Can Help

Licensing Application

ABM advises on assessing business activities for licensing, preparing FCA permission applications, and reviewing policy documentation and consumer agreements to ensure regulatory compliance.

Ongoing Compliance Support

We assist with reviewing pricing policies, hire agreements, return policies, AML and asset verification processes, and internal complaint and risk controls.

Regulatory Reporting

ABM supports firms in managing complaints and redress records, reporting changes to hire terms, and monitoring disputes for regulatory oversight.

Specialized Training

We deliver tailored training on FCA conduct rules for consumer hire, AML and risk awareness, fair contract and dispute handling, and Treating Customers Fairly (TCF) obligations.

Audit & Assurance

Our audit services include asset ownership tracking, AML/CFT consumer screening, hire agreement file testing, and dispute and redress process audits to ensure compliance and operational integrity.