Quality assure your debt advice service to help achieve regulatory and quality compliance
The Institute of Money Advisers’ independent quality assurance service offers:
- support to improve client outcomes
- an in-depth review of your service’s debt advice cases
- a comprehensive report highlighting best practice and areas for improvement
- guidance to help you meet Financial Conduct Authority (FCA) and Money Advice Service (MAS) requirements
Why is an independent quality audit needed?
All organisations authorised by the FCA to give debt advice must comply with its Principles for Businesses and Consumer Credit Sourcebook rules.
All debt advice services must:
- have vulnerable client policies and quality assurance systems
- ensure advisers act in the interest of clients and treat them fairly
- provide advice relevant to individuals, based on a full assessment of circumstances and finances
- provide clients with sufficient information about suitable and affordable options
MAS-funded organisations will also need to demonstrate compliance with its quality requirements and prepare for peer review of advice cases.
The IMA’s quality audit service focuses on what your organisation needs to do to meet the requirements of both FCA regulation and the MAS quality framework.
Risks of non-compliance with FCA and MAS requirements
Failing to meet either FCA or MAS requirements may lead to:
- increased supervision by both organisations
- your organisation’s resources focused on remediation instead of service delivery
- enforcement by the FCA
- withdrawal of an organisation’s FCA authorisation to give debt advice
Arrange an IMA quality assurance audit
To find out more, including the costs of our service, and to arrange a quality assurance audit, please contact us at email@example.com.