< p>As I mentioned in last week’s article, those of you who have made the full transition from OFT to FCA authorisation might be a little daunted by the practical realities of life under the new regulator. It’s totally understandable; even if your business practices don’t need to change substantially, the ways in which you record, evidence and report on your activity almost certainly will.

It would be almost impossible to manage all of these changes without specialist support and guidance – luckily you don’t have to!  Membership of the AOBP is certainly a wise move; being part of a larger body means that not only do you have increased buying and bargaining power together, but also that you benefit from the opportunity to interact with other businesses who are facing the same challenges and share best practice.

Another benefit is the option to sign up for membership of the AOBP’s online compliance hub from the Consumer Credit Centre, which contains all the information, guidance and tools you need in order to remain compliant in an FCA-regulated world.  For ease of use, the hub is divided into nine key areas, namely:

•       Anti-Money Laundering

•       Complaint Handling

•       Conduct of Business

•       Data Security

•       Disclosure

•       Financial Promotions

•       Plans and Templates

Recruitment

•       Treating Customers Fairly

I’ll be covering each of these areas in more detail in the future, but I would strongly urge you to sign up for Consumer Credit Centre membership and visit the hub in the meantime and familiarise yourself with the breadth of information held on there.  There are templates, forms, standard letters, documents summarising the FCA’s guidelines, and much more.

A change in regulator will undoubtedly pose some challenges, but it also offers a number of opportunities and, by working with AOBP and the Consumer Credit Centre, you will have already placed yourself in a strong position to take advantage of many of these.

If you have any questions in the meantime, please don’t hesitate to get in touch with the Consumer Credit Centre team on 01484 443424.

David Golder
Managing Director
Consumer Credit Centre

The SimplyBiz Group