The G3 Group (UK) Ltd has continued to expand its service offering to the motor trade with the latest milestone achievement – full Financial Conduct Authority (FCA) approval for its asset management division G3 RMS.
The FCA was formed in 2013, in the wake of the most recent banking crisis, to manage institutions and organisations that look after financial portfolios. A year later, on 1 April 2014, the FCA took over regulation of the consumer credit industry from the Office of Fair Trading (OFT).
Providing a total asset management solution to finance companies throughout the UK, G3 RMS is responsible for the collection and disposal of vehicles, plus subsequent debt recovery, either on a fully outsourced or blended service. A full FCA licence will now allow G3 to expand into other markets and complementary services.
Commenting on the FCA seal of approval, G3’s joint director Matt Dale said: “This latest achievement underlines G3’s commitment to continually developing our offering. We work in a complex and highly-regulated sector, but the FCA licence cements our credibility as a trusted partner, especially from a compliance perspective.
“The business is set for some substantial advancements over the coming six months, including the recruitment of additional team members to support our managed clients, a completely revised client portal, plus the introduction of further support services to provide a comprehensive one-stop-shop for new and existing customers.”
The licence approval marks yet another great achievement for the G3 Group (UK) in 2016. The New Year kicked off with news that, following a record year for turnover and profits, G3 Remarketing has invested £500,000 in the development of a new physical auction hall.
This enhanced use of G3’s four-acre site in Leeds now complements G3’s well-established online auction presence. In addition the business has also expanded its nationwide drop-in and distribution hubs to provide comprehensive coverage for its growing portfolio of clients.