Expert Advice & Interim Resources

The Regulator recommends that consumer credit firms have appropriate compliance expertise. Not only does this help firms to put the right regulatory safeguards in place but also supports them through periods of regulatory intensity. The FCA will take a dim view of breaches that have resulted from a failure to employ the right skills.

To ensure compliance, firms need to ensure that they have the capability and the capacity to manage regulation; and keep up with change. A firm’s compliance resource will depend on the nature, scale and complexity of its business. For smaller firms it may be more practical to outsource through a specialist provider as required. Larger and more complex firms will have greater demands and are likely to need a full-time compliance function. Firms who rely on a low level of non-specialist knowledge, or who fail to dedicate sufficient resources to managing regulation, are unlikely to achieve satisfactory standards.

Whatever your business looks like, CCAS has the capability and experience to fulfil your needs for compliance expertise and resources. We can act as your retained expert, calling on us when you need to for advice, training or to support you with FCA reporting and liaison. We can also offer a recruitment service for appointing permanent compliance managers and for resourcing larger interim teams should you need to carry one-off projects.

To find out how we can help you with compliance expertise and resources, get in touch with us today by clicking the button below.


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Articles

FCA to hold webinar to help firms implement new regime

The Financial Conduct Authority recently issued a reminder to firms about the Senior Managers and Certification Regime (SM&CR). In this reminder the regulator has recommended that firms should now be preparing for 9th December 2019, when the new regime comes into effect. In support of firms’ planning for SM&CR the FCA are holding a webinar …

May 24, 2019 at 9:16 am

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