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.

MAS-funded organisations will also need to demonstrate compliance with its quality requirements and prepare for peer review of advice cases.

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

For more information contact us at quality.assurance@i-m-a.org.uk.