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- - - - News - - - -

Regulations are changing in your Industry, as a local specialised communication consultancy we can advise you that:

SMEs are being targeted in major FSA crackdown

UK businesses are being targeted in a major crackdown by financial services regulator the F.S.A.

Britain's financial services regulator has launched a nationwide sweep of mortgage brokers, insurance and loan companies aiming to ensure full compliance with industry rules.

Increasing numbers are being censured and fined.

One northern-based insurance broker has been fined over £30,000 for breaches in FSA regulations, which could have been avoided if the company had used a call recording product to monitor transactions and keep within the boundaries of compliance.

The regulator is catching many companies in breach of laws regarding data protection and a range of FSA rules, Banks, stockbrokers, loan companies and retail service companies are under scrutiny. It’s not only the big financial institutions who are being fined but SME's, where they are focusing a lot of attention.

The northern-based company involved in the latest fine could have avoided such censure if they had been using a call recording solution, which they do now, having installed a Call recording solution from RJE Comms Consultancy’s partners.

But why wait until it's too late?

RJE Comms Consultancy offers a comprehensive audit for companies, using an FSA-approved consultant, to identify compliance issues and ensure FSA-registered firms work within the law.

It's not just about having call recording in place, it's also about procedures that are in place to deal with customers and their personal information.

RJE Comms Consultancy can save FSA-regulated companies from similar fines by ensuring that the correct monitoring, transaction evidence and data protection procedures are in place.

Also, the audit process is far less disruptive - the system can simply be interrogated and data retrieved.

Companies have to prove that they are treating customers in a fair and appropriate manner. The Call Recording software, with the Quality Assurance, randomly samples calls to be assessed and also provides the management information needed to ensure they are delivering the appropriate service. Using the Call Recordingsolution demonstrates a commitment to TCF that the FSA is looking for.

The current FSA crackdown is a wake-up call, not just too big financial services companies but, upon recent evidence, increasing numbers of smaller firms

Recent fines levied by the F.S.A include:

Carphone Warehouse £245k – Mobiles

Lones.co.uk £455k - Loans

Wills & Co £49k – Stockbrokers

HFC Bank £1.085k - Payment Protection

Square Mile £250k – Stockbrokers

PMSG Insurance Services £35k – Insurance

Contact us for an appraisal of your requirements to coincide with the FSA regulations.