UKAR ARENA | A NEWSLETTER FOR DEBT ADVISORS | AUTUMN 2015 | ISSUE 10 | UKAR-ARENA.CO.UK
“AS AN INDUSTRY WE NEED TO
IDENTIFY THESE AREAS OF RISK
AND THEN LOOK AT SKILLS AND
TRAINING TO COUNTER THEM.”
“Providing high quality advice is always a huge
challenge and the FCA’s thematic review highlights
inadequacies in the free and paid for sector.
They have found that more than half the advice
given across the industry poses a high or medium
risk. That’s worst in the fee-charging sector but the
free sector also must ask, ‘how this can be when we
aren’t charging a fee?’
TEN AT TEN.
ANDREW SMITH
External Affairs
Spokesperson
Debt Resolution Forum
16
As an industry we need to identify where these areas
of risk are and then look at skills and training to
counter them. The ongoing development of the FCA
authorisation process will help drive this process and
should help create a sector that is fit for purpose
although the timing of authorisations could be a
problem as it’s taking longer than they thought.
There will be some organisations that don’t survive
but I don’t think the number of ‘orphaned’ clients
will be as large as the FCA warned. In early 2015
08.
“QUALITY OF ADVICE, EXCELLENCE
OF SERVICE AND MONITORING
ARE ESSENTIAL AND AT THE HEART
OF EVERYTHING WE ARE DOING.”
they predicted 70,000 people could be left without a
provider but in actual fact, the Money Advice Service
have had to deal with less than 100 clients in this
situation so far.
For us, helping members to meet the high standards
expected by FCA is a huge challenge – and something
we have been investing in for a while. We are
determined to supply members with the best services
and help them achieve compliance.
Early action has been essential and we are the
only organisation for commercial providers to have
achieved the Money Advise Service quality standards
– something several free providers have yet to do.
We have also developed a continuing professional
development standard and will be introducing a debt
management diploma. So there are certainly busy
times ahead but these developments are crucial