The Financial Conduct Authority is a UK independent regulator that oversees the conduct of financial organisations. It exists to ensure that businesses conduct themselves in a way which is fair to customers, whilst also being competitive.
Motor Redress Scheme
The FCA has recently made a number of changes to the proposed scheme, after listening to feedback. The changes aim to strike a fair balance between lenders and financial institutions, as well as help to streamline the process.
The redress scheme is now split into 2 time periods, as well as implementation periods, which will be 3 months for loans taken out from 1 April 2014, and 5 months for loans taken out later. The level of redress is now estimated to cost firms £9.1 billion, as opposed to the £11 billion that was previously suggested. Firms will have to make contact with all customers who may be entitled to compensation.
FCA Compliance
Ensuring businesses conduct themselves in a manner which is FCA compliant can be a minefield.
Specialist FCA compliance consultants such as www.adempi.co.uk can provide firms with tailored advice and support, as well as compliance training courses, suitable for their business needs.
By ensuring that you work in a way which is compliant, you avoid harsh penalties and fines, whilst also maintaining the highest quality standards, which are essential for good customer care.
