Compliance and Call Monitoring

Effective compliance and call monitoring is a critical regulatory control. Failure to show this is core to your regulatory activities leaves a firm exposed to action. CCAS can help ensure your compliance & call monitoring meets FCA standards and that your business is built on sustainable customer relationships.

The FCA expects firms offering consumer credit to ensure they are ‘Treating Customers Fairly’. This means firms must implement a quality assurance programme that monitors customer interactions. This programme should be based on an assessment of the way a firm operates and the risks inherent to its business and provide evidence that the firm’s policies, processes and practices all lead to fair customer outcomes.

For many consumer credit firms, compliance and call monitoring should include the recording and checking of sales calls to ensure staff are following the correct sales processes. If staff are found to not be following correct processes, training and performance management should be used to promote the right behaviours. Reports of this monitoring should be shared with the firm’s board, to demonstrate that they are compliant and to uncover any more systemic failings which can then be managed.

It is important that the firm’s compliance and call monitoring function is sufficiently empowered to influence improvements. Using an independent company is preferred by many firms and goes a long way to show the regulator that you are opening yourself to a more objective perspective.

Setting up a robust compliance monitoring programme requires knowledge of best practice. It can also be time consuming to run and ensure that improvements are effectively actioned.

CCAS has the technical and operational expertise to ensure a firm’s compliance and call monitoring provides the right evidence of ‘Treating Customers Fairly’. We provide you with a fully managed, retained service or just help you make sure things are set up in the right way.

To find out how we can help with your compliance and call monitoring, get in touch with us today by clicking the button below.


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Articles

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