Generally speaking, debt management firms have had it tough recently.
With the FCA application process for debt management firms still progressing, it’s ‘all eyes down’ for debt management firms.
Business owners and senior management have been expected to bring their business practices and operational processes in line with FCA compliance for some months now and our experience to date tells us they’re still struggling.
If you’re a debt management firm, the FCA’s Thematic Review paper, “TR15/8: Quality of debt management advice” will give you all the clues as to how to be an FCA compliant firm as a baseline, for debt management.
For more guidance on how to ensure that your firm has compliance at the heart of the debt advice that it provides to its customers, go to the FCA website at http://www.fca.org.uk or give us a call on 01376 514 166.