Quality assure your debt advice service to help achieve regulatory and quality compliance
The Institute of Money Advisers’ independent quality assurance service offers:
- 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 and Pensions Service (MaPS) requirements
- follow-up support to help improve client outcomes
“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 have an independent quality audit?
All organisations authorised by the FCA to give debt advice must comply with its Principles for Businesses and Consumer Credit Sourcebook rules.
MaPS funded organisations will also need to demonstrate compliance with its quality requirements and prepare for peer assessment of advice cases.
“An excellent quality assurance audit with relevant and highly useful recommendations which we have been able to implement for the benefit of our customers.”
Grand Union Housing Group
Risks of non-compliance with FCA and MaPS requirements
Failing to meet either FCA or MaPS 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.
