Change to Cycle to Work Scheme

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Regulator
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Change to Cycle to Work Scheme

Post by Regulator » 1 week ago

The Government has announced changes to the Cycle to Work Scheme that will make it easier to get more expensive bikes, including electric bikes, through the scheme.

Some of the media is suggesting that the previous limit was £1,000 - but this isn't actually true. There's never been a fixed limit on how much could be covered by the Scheme - the £1,000 limit was for the OFT group credit license. If your employer had their own consumer credit license, it could offer more.

The key change seems to be that if the employer uses a third party to manage the scheme on their behalf (as many do) as long as that third party has an FCA license they can offer a higher limit.
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