The Debt Advisor Ltd is now fully authorised by the Financial Conduct Authority (FCA) to offer full advice and debt solutions including debt management to individuals.
Beverley Budsworth, our MD and Insolvency Practitioner originally set up the business in 1999 and over the years the business has grown and established itself as a caring and innovative practice, home to a talented and experienced team of 21.
The Financial Conduct Authority took over the regulation of consumer credit firms back in 2014 and since then, the industry has seen a positive shift in the way consumers are dealt with. The FCA has ensured that all organisations under their regulation put treating consumers fairly at the heart of their business.
What does it mean to be FCA Authorised and regulated?
The Debt Advisor Ltd (TDA) are Authorised and regulated by the FCA for debt counselling, debt adjusting and credit brokerage which means we can:-
- Offer advice on all appropriate solutions including refinancing
- Handle client money and help clients negotiate either reduced payment plans or full and final settlements with their creditors
The team at TDA provide solutions for individuals including IVA, debt management, full and final settlements, bankruptcy, help with Debt Relief Orders, advice and referral to brokers for debt consolidation.
Being an Authorised and regulated practice under the FCA guidelines means that we are expected to meet the standards set out in the FCA’s Handbook of rules and guidance. TDA have embraced the culture at the heart of FCA regulation which expects organizations to be able to demonstrate that monitoring risk and the quality of service delivered on a daily basis is second nature.
This means that:-
- Training needs are identified, delivered
- Calls are monitored and scored
- Outcomes for customers are monitored to ensure that they are positive
- Vulnerable customers are properly catered for
- Staff are competent and properly trained to advice on and deliver debt solutions.
We take pride in our customer service abilities and have a duty to ensure our clients journey, start to finish runs as smoothly as possible. We listen to our clients and work together to come up with a solution that is both appropriate and viable.
It has been a tough and arduous journey to becoming fully Authorised and regulated by the FCA but whole team at The Debt Advisor has pulled together and a huge congratulations is in order.
What does this mean for clients who are looking for a Debt Solutions Provider?
The FCA’s cleansing of the Debt Management industry now means that those practices who achieve full authorisation will be ‘fit for purpose’.
This means that individuals who are seeking help and advice on their options are able to opt for an organisation that they can rely on to give unbiased advice and recommendations in relation to debt recovery. In addition, these companies will work with their clients to encourage engagement and improve their financial awareness.
We believe there are significant opportunities for debt solution providers like The Debt Advisor who consistently demonstrate the culture of “Doing the Right Thing” for both debtors and their creditors.
Struggling with problem debt
If you find you need some help with problem debt, get in touch. There a range of solutions depending on whether you are salaried or self employed or you are a director or shareholder of a limited company. Should you enter into a debt solution with us, fees will apply. If you would like our team to call you, please use our contact form.
All debt solutions need to be carefully considered. IVA’s are formal solutions and failure to keep to the terms can result in your IVA failing and you could end up bankrupt.
There is also free debt help and advice available through a variety of debt charities. For more information, we recommend you visit www.moneyadviceservice.org.uk.
The Debt Advisor is Authorised and regulated by The Financial Conduct Authority (reg no: 659920)
