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COLLECT A CASE GAINS FCA APPROVAL

We have been granted FCA permission to operate within the financial sector. Under Section 19 of The FSMA (Financial Services & Markets Act) any person or active company who carries out regulated activities within the UK must be authorised by the FCA.

What does this mean for Collect a Case and what is the FCA?

The FCA (Finance Conduct Authority) aims to regulate companies to ensure high standards of conduct are met across the industry and that the financial services trade remains stable.

Their aim is to make sure that financial markets work well together so that consumers get a fair deal. It is necessary that the FCA helps the financial industry run with the integrity it deserves and enforces financial companies to provide consumers with the appropriate products and services they adhere to.

When a company is authorised by the FCA it will have the approval to carry out certain regulated activities. This includes companies that want to offer consumer credit or associated with the transaction and need to apply for endorsement.

 

Collect a Case recognises this requirement for regulation and have been granted the relevant permissions by the FCA to operate within this area. We can state this internally and reassure our clients and the consumer on a whole.

 

Why is it important for you to be regulated?

Consumers can trust that companies have their best interests at heart, especially as regulators aim to meet the standards and keep to the rules of the FCA.

We work within a number of industries such as the secured loan sector, mortgage application institutes and logbook loan companies where not being regulated by the FCA has serious implications on how we operate.

All these reasons fall within the credit broker criteria (PERG 2.7.7E) as we present and offer an agreement or documents which form part of the agreement on behalf of our client, which would be (if agreed) a credit agreement, along with collecting evidence in support of the application for credit. The same will apply in assisting the individual with a view to sign and gain a credit agreement.

Breach of this criteria may be perceived as a criminal offence and is punishable by a maximum term of two years imprisonment or heavy fine.

Our Collect a Case field agents state that they cannot give advice or make recommendations.  The agents will guide the consumer through the application pack and ensure that all required documentation is collected from the consumer.  Our agent will ask the consumer to sign and date the checklist supplied by Collect a Case and sign and date a statement to confirm that no advice has been given by our agent during the process.

The paper-work is placed in a clear tamper proof envelope and then sealed in the presence of the consumer. The agent will ask the consumer to sign the bag in a specified area to show our client that the bag was sealed at the end of the appointment, adding reassurance that no documents will be misplaced during this transaction.

Collect a Case recognises this requirement for regulation and have been granted the relevant permissions by the FCA to operate within this area. We can state this internally and reassure our clients and the consumer on a whole.

For more information on the policies, please click here.

COLLECT A CASE GAINS FCA APPROVAL was last modified: February 2nd, 2016 by Phill Slater

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