Employer: Who actually owns the cycle to work bike?
Since June 2019 when the Department for Transport (DfT) updated the Cycle to Work Scheme Implementation Guidance Cyclescheme has operated two versions of our Hire Agreement.
We do this depending on whether or not an employer is operating the scheme using the blanket FSMA Order exemption (which allows employers to operate the scheme up to a limit of £1,000) or Cyclescheme's FCA Authorisation (which enables employers to operate a version of the scheme where they can offer 'no limit' schemes or schemes with limits over £1,000).
Traditional Hire Agreements
(where employers are using the FSMA exemption)
The bike and/or accessories remain the property of the employer throughout the hire period.
Freedom to Ride Hire Agreements
(where employers are using relaying on Cyclescheme's FCA Authorisation)
The bike and/or accessories become the property of Cyclescheme and remain Cyclescheme's property throughout the hire period.