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
“I thoroughly recommend the IMA Quality Assurance Service. The individual caseworker reports are thorough and detailed and it’s been great to have an objective overview of our money advice service; the feedback has been extremely helpful and constructive. It has helped to assure us of our continued compliance with FCA rules and guidance, supported our file review process, and will undoubtedly contribute to continuous improvement in client outcomes.”
Lee Forrest, Team Leader, Benefits and Money Advice Team, Karbon Homes, Newcastle
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.
