As we hit mid-February, it’s easy to convince ourselves that the worst of the winter is over. Goodbye to having the heating on 24/7, needing 10 extra minutes every morning to ensure your windscreen is frost-free and glumly watching the daylight fade away at around 3pm. Hello to occasional green leaves, occasional blue skies and even occasionally being able to leave the house without at least four layers of thermal clothing.
In the face of all this springtime cheer, I’m loathe to write the words which might re-introduce a frosty icicle of distress into your life, however…I hear ominous rumblings from the direction of the regulator. We expect 2017 to see the FCA conducting a range of reviews of the consumer credit sector, and this means that they will be contacting, and visiting, a number of firms to assess where they are with implementing the new-ish processes and practices. From the number of cancellation notices the FCA has been issuing over the past few months, even before this potential review is underway, it is certain that some firms will not have taken appropriate measures.
Key areas that we predict the regulator may shine a spotlight upon include:
So, if you have fallen behind on maintaining your processes in any of those areas, you may have some late nights at the office coming up, getting your regulatory ducks in a row. Consider that keeping up with your regulatory requirements is something that you will have to do forever, along with seeing customers, finding new business and, hopefully, still squeezing seeing in your family and friends at the same time.
David Golder, Managing Director, Consumer Credit Centre