Most schemes had a £1000 limit but this summer there was new guidance issued which changed things, it's just taking a while for schemes to update and perhaps get FCA registration
This guidance isn't that useful.
No employer will get FCA registered unless they need it for their business/are authorised already.
It is far too onerous a requirement to do this so either HMRC will have to agree a carve-out for salary sacrifice loans or it will require the operator of the scheme to be registered.
Cyclescheme appear to be authorised so I suspect using them or similar will be the best route to allow more than £1k purchases.