The debt collection department of law firm Spratt Endicott Solicitors has been granted full authorisation status by the Financial Conduct Authority (FCA), just one of a few law firms in the UK to have done so.
Many law firms working in the debt market have chosen not to apply for a full FCA licence and instead to rely on the Solicitors Regulation Authority (SRA) exemption.
Hazel Chislett, Client Relationship and Business Development Manager of Spratt Endicott’s debt collection department said: “As solicitors we are regulated by the SRA, but by obtaining full FCA authorisation this provides us with a clear advantage over our competitors, as we are not relying on the exemption that SRA regulation provides to law firms. We have embraced this as an extension of the compliance procedures and culture that we already had in place.”
She continued: “Our team here at Spratt Endicott can effortlessly move from pre-legal collections to the issuing of legal proceedings without effecting impetus, quality or compliance. It was important therefore to align ourselves fully with the regulatory framework that our clients work in, and demonstrate our commitment to them and their customers by obtaining authorisation in our own right.”
On the 18th December 2015 Spratt Endicott were officially fully approved by the FCA. The firm is proud of their success within the consumer market, and the continuous growth that they are seeing each year.
Hazel commented: “Having worked on this for the last year, receiving authorisation from the FCA is a significant achievement for us, but it is just the beginning of an on-going process. The FCA has established a clear framework and set clear expectations that firms must work to and we are committed to meeting these.”
Hazel concluded: “If you deal with a firm (or individual) that is not regulated you may not be covered by the Financial Ombudsman Service or FSCS. Being FCA approved demonstrates that we consistently treat all customers fairly and what this means to our clients is that they know we are doing our utmost to protect their reputation, brand and values, as well as helping to retain their customers at all times.”
Martin Hughes, Head of Debt Recovery at Spratt Endicott, and who works alongside Hazel, added: “In this competitive legal market we know how important it is securing the best net returns for clients whilst safeguarding their reputation. By continuously innovating and introducing new platforms to our way of working, and with the FCA authorisation, clients can rest assured that they are working with the very best, and they will be receiving the very best service and results.”
Martin Hughes leads the Legal 500 recommended debt recovery department at Spratt Endicott, which specialises in commercial, consumer and international debt collection. If you would like to find out more about Spratt Endicott’s debt recovery department, and how their services can help you, then contact Hazel Chislett on 01295 204151 or email firstname.lastname@example.org