CLASS - Intermediary Risk

  • Posted on: 4 January 2018

CLAAS is a family business founded in 1913 and is one of the world's leading manufacturers of agricultural engineering equipment. The company, with corporate headquarters in Harsewinkel, Westphalia, is the European market leader in combine harvesters. CLAAS is the world leader in another large product group, self-propelled forage harvesters. CLAAS is also a top performer in world-wide agricultural engineering with tractors, agricultural balers and green harvesting machinery. The CLAAS product portfolio also includes state-of-the-art farming information technology. CLAAS employs around 11,000 workers worldwide and reported a turnover of 3.8 billion euros in the financial year of 2013.

CLAAS and Compliancy Services

CLAAS is an agricultural wholesaler who own some of the UK dealers. We introduce our customers to a finance company to enable them to purchase our equipment, so we are bound by FCA regulations. A further complication is that the customers place of work is invariable his home (the farm). We worked with Compliancy Services to find a solution which meant that Limited Permissions was acceptable to the FCA.

Compliancy Services worked with us to ensure smooth FCA accreditation, but also ran a series of workshops for our owned and independent dealers to enable them to also achieve authorisation and to follow the regulator’s ongoing compliance requirements. We found these workshops well received and very useful in that they enabled one to one advice within a group framework.

Results

As a result CLAAS UK and all of the dealers are now fully authorised under the FCA with the correct permissions and able to undertake the ongoing regulatory responsibilities efficiently with the support of Compliancy Services.

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