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.
Get Advice Now
Retained Provisions of The Consumer Credit Act
Regulation of consumer credit activities has been something of a patchwork. Some elements are still covered by the original Consumer Credit Act 1974. This includes restrictions around broker fees and statutory instruments such as the form and content of credit and hire agreements. In 2014, when FCA took over the regulation of consumer credit, they …
April 8, 2019 at 1:42 pm
FCA Thematic Review of Debt Management Firms
FCA have now published TR 19/1. This is the second thematic review of the debt management sector, including fee charging and free-to-customer organisations. The full report can be found here >> https://www.fca.org.uk/publication/thematic-reviews/tr19-1.pdf Whilst FCA identified that the debt management sector has made improvements there is still a lot of work to do. Listed below are …
March 22, 2019 at 10:17 am
Credit Card Charges
FCA have now publicised a letter sent to all credit card companies. The letter follows their review into credit card fees and charges. The key findings are as follows: Customers who miss a payment are often incurring multiple charges in the same billing cycle – for example a missed payment fee, a bounced direct debt …
March 12, 2019 at 6:04 pm
FCA Introduce Rent to Own Price Cap
Policy Statement PS19/6 issued by FCA yesterday introduces a price cap for the Rent to Own (RTO) sector. RTO firms offer goods such as household appliances and furniture under what is essentially a hire purchase agreement. The key issues in the sector have been the high base cost of goods compared to prices offered by …
March 12, 2019 at 5:35 pm