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Financial Conduct Authority – The new environment

Following the global financial crisis, the UK government set out to  improve regulation of the financial services sector in order to protect and improve the UK’s economy.

Following the global financial crisis, the UK government set out to improve regulation of the financial services sector in order to protect and improve the UK’s economy. In order to achieve this, the financial sector responsibilities, along with the full remit of the Financial Services Authority (FSA), were all put into the same regulator’s basket, and a new, much larger regulator, the FCA, was formed.

The main objectives of the FCA are to:-

The significant change businesses regulated by the FCA had to come to terms with was that no longer was there going to be a long list of “dos and don’ts”, but rather, agencies would be expected to live by 11 key principles. The one principle underpinning all of them is that we put the customer at the heart of everything we do. This might seem at odds with the popular misconception of what at Debt Collection Agency does, however the reality is very different to the urban myth, which comes more from the pages of gangster movies than it does from the professional world occupied by regulated agencies such as Oriel Collections. It is always possible to achieve returns of money to our clients from customers in a fair and equitable way, where every party benefits.