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FCA updates, training and exams begin!

March 2014

After attending the DRF seminar relating to FCA rules and regulations, it is apparent that there will not only be a few structural changes to the company processes, but also the ethos of all debt management organisations. At the core of all company procedures is the most important FCA principle "Treating Customers Fairly" or TCF. The FCA also want a change in the way we charge fees. No longer can we retain the first two or three monthly payment as setup fees. Now, they want all fee-charging debt management companies to spread their setup costs over the first six months of the plan by charging no more than 50% of the monthly payments. This will ensure that creditors start to receive payments in the first month.

With this in mind, we have undertaken a two week training programme, designed by the senior members of staff, to increase the industry, company and regulation knowledge of all members of staff. In order to comply with FCA rules, it is no longer acceptable to provide anything aside from the highest quality advice, and it is a good opportunity to test the existing knowledge of all staff members, along with their ability to learn new information and their enthusiasm for change.

Exam time!

Following on from the two week training programme, all members of staff sat a two hour exam on the material that they learnt during the previous two weeks. We are pleased to say that the vast majority passed with relative ease. Those that unfortunately did not were provided with the opportunity to retrain and to take the test again. It is imperative that before we allow any individual to resume in their job role that they are as competent and compliant as possible, reaching the new minimum acceptable standards that we have set. Those that cannot achieve these standards will unfortunately have to look at alternative employment as we are not prepared to jeopardise the service provided to our clients.

< A compliant workplace is a happy workplace!
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