Debt management firms must ensure they follow the guidance set by the FCA. This guidance sets out the requirements firms must abide by to ensure consumers are treated fairly, are not misled and that a debt management plan is both suitable and in their best interests

The changes seen to Consumer Credit Licensing in recent years have meant the process is now far more detailed and complex than it used to be, especially now the OFT no longer regulate the industry. Debt management activities are naturally targeted at clients who are struggling with their finances and this vulnerability is seen by the FCA as increasing the potential risk to consumers. Debt management is therefore considered a high risk activity.

We can support your business from start up and obtaining an FCA Consumer Credit Licence to providing template documentation, audits and on going monitoring.

The FCA require a compliance monitoring program to be in place and you must be able to evidence you have systems and controls in place, have business risk procedures and suitable monitoring of the business and your staff. We can help in all these areas providing both documents and support in carrying out the checks.

Services we can provide include:

    • Obtaining FCA Consumer Credit authorisation
    • Provide various template documents including Terms and conditions, compliance manual, etc
    • Compliance health check audit
    • Checking consumer contracts
    • Drafting/checking call scripts
    • Training plans
    • Competency testing and ongoing monitoring
    • File checks
    • Telephone call monitoring (where recording facilities exist)
    • Compliance monitoring program

All of the above can be tailored to your needs and budget.

We can provide ad-hoc support or regular compliance monitoring with, or without, visits, alternatively we have a number of template documents available to purchase.

 

Please contact us for a no obligation quotation and more information.

 

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