|
Debt Management Compliance Debt management firms must ensure they follow the guidance set by the Office of Fair Trading (OFT). 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. Debt management activities are naturally targetted at clients who are struggling with their finances and this vulnerability is seen by the OFT as increasing the potential risk to consumers. Many firms renewing their old style licences have been shocked at the amount of information and evidence of compliance that the process now requires. New entrants to the industry fare no better as the process is virtually identical. H3 can help with this process whether you are a sole trader or a large debt management organisation. We can support your business from start up and obtaining a Consumer Credit Licence to providing on going monitoring. The OFT would consider it good business practice for licensees to commission independent third party verification of their compliance, for example by way of an audit, when setting up their business and at regular intervals thereafter, and at least annually. Services we can provide include:
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.
H3 Consultancy Ltd © 2012 |
