News Article

Debt Collection

FCA recognises support of CSA in managing market issues

By CreditMan Wednesday, May 27, 2015

The Credit Services Association (CSA), the voice of the UK debt collection industry, has welcomed a speech by the Financial Conduct Authority (FCA) that recognises the Association’s help in understanding and managing market issues.

In a speech last month at the FCA’s third consumer credit event for trade bodies, Linda Woodall, the acting director of Supervision – Retail and Authorisations Division at the FCA, said that credit trade associations have a big part to play in helping the authority address ‘market issues’: “The CSA has worked closely with us in developing an appropriate position regarding ‘process servers’ and the circumstances in which they would/wouldn’t be required to be authorised,” she said. “This position has now been formalised by the Government.

“More recently, CSA and FCA representatives collaborated to produce a webcast setting out the circumstances under which field collectors could act as agents of authorised debt collection firms rather than being required themselves to be authorised/exempt and the role of the ‘lead principal’ in a multiple-principal arrangement.”

Leigh Berkley, President of the CSA, said that he was pleased with the collaborative approach that the FCA was taking to regulate the credit industry: “We continue to work closely with the FCA and its executive team to ensure that the work of our members is recognised and understood,” he said, “and we look forward to being fully involved in the forthcoming reviews of credit cards, unsecured debt collection and appropriate staff incentives.”