​Legal Blog

Who would you trust to carry out your debt collection?

by | Jan 18, 2017 |
shaking hands

If you are looking to outsource your debt collection, you must be confident your business is in safe hands, and you are working with a supplier that operates with integrity and one that protects your brand and reputation at all times.

Spratt Endicott is not only regulated by the SRA and ISO9001 accredited, but was one of the first law firms in the UK to be been granted full authorisation status by the Financial Conduct Authority (FCA).  This demonstrates our commitment to a positive culture of compliance within the firm, in which we ensure all staff comply with their obligations by incorporating regulatory requirements into our Procedures Manuals and through extensive, ongoing training.

Treating Customers Fairly (TCF) is central to the delivery of the Financial Conduct Authority’s (FCA) regulatory agenda. It is primarily aimed at those serving the individual or consumer, however as Spratt Endicott advise SMS, and Corporate clients, we have adapted the principles according to ‘Treating Clients Fairly.’

The Financial Conduct Authority’s (FCA) Treating Customers Fairly (TCF) initiative is primarily based on the obligation set out in Principle 6 requiring a firm to pay due regard to the interests of its clients and treat them fairly. The FCA Principles for Business are high level requirements for FCA regulated businesses and can be located in the PRINC sourcebook.

There are other FCA Principles that also apply to a firm’s dealing with its customers:-

Principle 1
“A firm must conduct its business with integrity”.

Principle 7
“A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading”.

Principle 8
“A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client”.

Principle 9
“A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgement”.

What does treating clients fairly mean to us?

The FCA has identified 6 key outcomes that organisations are required to demonstrate in respect of Treating Customer Fairly:

  1. Our clients can be confident that they are dealing with a business where their fair treatment is central to our company culture.
  2. Our solutions and strategies are designed to meet the needs of our clients.
  3. Our clients are provided with clear information and are kept appropriately informed before, during and after they contract with us.
  4. Where our clients receive advice, the advice must be suitable and take account of their circumstances and business requirements.
  5. Our clients must be provided with solutions and strategies that perform as we have led them to expect, and are of a sufficiently high standard.
  6. Our clients will not face unreasonable post-contract barriers imposed by us if they want to change solutions, or strategies.

Treating Customers Fairly is considered and implemented at all levels throughout our debt recovery team. Spratt Endicott is fully committed to TCF and we expect the highest standard of conduct from our employees, which is achieved through extensive training and re-training if necessary.

Benefits to our clients:

  • You can be reassured that we, as your supplier, are fully regulated and work to the highest ethical standards.
  • Our approach means that, whenever possible, you maintain a relationship/dialogue with your customers.
  • We protect your brand and reputation.
  • You will receive the very best service and results.

Spratt Endicott’s debt recovery team is ranked in the Top Tier for the South East in The Legal 500 UK 2017, and 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 Richard Gwynne, Director at Spratt Endicott Solicitors on 01295 204087 or email rgwynne@se-law.co.uk

*Disclaimer: While everything has been done to ensure the accuracy of the contents of this article, it is a general guide only. It is not comprehensive and does not constitute legal advice. Specific legal advice should be sought in relation to the particular facts of a given situation.* ​

Legal Blog Filter

select

select

Contact us

Social Media twitter red Follow us @se_law