I'm dreaming of a compliant Christmas
As I get older, I find my Christmas wishes getting less and less ambitious. When I was five, I wanted nothing less than to fly a spaceship and a talking horse. When I was ten I wanted a silver BMX and to meet George Best and then, by the time I hit fifteen, all I wanted was to reach the end of Christmas Day without my parents realising my mates and I had thoroughly demolished the contents of their liquor cabinet the night before!
However, for the first time in many years, this Christmas I have dared to produce a wish list which is much more ambitious than anything I’ve dreamed of previously and, believe it or not, it all centres around consumer credit.
Firstly, I’d like to sprinkle some fairy dust over those firms who have moved from OFT to FCA regulation over the past twelve months to help them see that tighter regulation is not always a negative thing. Yes, it can take up more time and, yes, it can be a real pain implementing new services and providing new information and reports, however, there are also upsides. Sometimes the necessity of putting new systems and controls in place can help you take a clear look at the way you operate overall and, hopefully, lead to new efficiencies – both in cost and resource. In addition, the regulator’s eventual aim of better and fairer outcomes for clients can only be good for everyone and the economy, as well as the reputational lift our sector will experience as a result.
Secondly, I wish that I could employ a team of specially trained compliance elves to visit the firm of everyone completing a GABRIEL return, because very few principals I’ve spoken to are prepared for the amount of time it takes to complete this mandatory report.
Finally, I’d like to borrow the reindeer powered time machine that Santa uses to get round all the boys and girls in the world in one night and lend it to some consumer credit firms who look unlikely to get their applications in to the FCA in time.
Sadly, fairy dust, elves and magical reindeer are not that easy to track down and, as adults, the onus lies with us to improve our own realities. The repercussions of not taking action are also far more serious than a disappointing stocking at the end of the bed; fines, bans and legal action are all potential pitfalls for those who don’t comply with the FCA’s regime.
Luckily, there is a – non-magical – solution to some of these woes and that is to engage a specialist provider to handle your application and ongoing compliance requirements for you. The Consumer Credit Centre, which is part of the SimplyBiz Group, has a 100% success rate in getting consumer credit applications approved first time by the FCA and it the cost for this service is less than an average two day’s earnings.
The SimplyBiz Group has twelve years of experience in this area and a highly skilled specialist team, and that’s just one of the reasons why AOBP has chosen to partner with us. If you want help with applying for permissions or changing your application date for consumer credit authorisation, please get in touch with us urgently on 01484 443424.
David Golder
Managing Director
Consumer Credit Centre
SimplyBiz Group