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Balancingriskwith  collections


New Financial Conduct Authority (FCA) proposals, which would give more SMEs the opportunity to refer disputes related to financial services firms to the Financial Ombudsman Service (FOS), have been backed by a major debt-services provider. The FCA is now proposing that SMEs,


which have an annual turnover below £6.5m, an annual balance-sheet total smaller than £5m, and fewer than 50 employees, would be able to apply to the FOS for disputes of up to £150,000. Glen Walker, chief compliance officer of Ascent, said:


Glen Walker


“We thoroughly endorse what the FCA is trying to do. In our very extensive experience in the financial-services sector, we have found that proactivity from this regulator, with support from the FOS, has made an enormous, and welcome, difference to the way in which consumers experience financial services. We are sure that extension of the regime to the SMEs will have similar effect, though of course it may take time for the full effects to be seen.”


RestonsSolicitorsLimitedassistsanumberof marketleadersintheDebtPurchase,Finance and Utility sectors with both secured and unsecuredcollections.


Our fundamental understanding of


commercial, reputational and compliance issues, togetherwith a focused, proprietary interest in our clientsÕ receivables means that we continue to excel in terms of client satisfaction, recoveries and complaintavoidance.


To Þnd outmore about how our expertise can help you, contact Nigel Coe on 01925661602ornpc@restons.co.ukorgoto www.restons.co.uk


A senior executive within the debt-collection industry has again called for the adoption of the Credit Services Association (CSA) Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Peter Wallwork, chief executive of the CSA, said there was neither


a single code, nor a single regulator, for debts that fall outside of those that used to be governed by a consumer credit license. This added to the real possibility of consumer detriment and confusion: “It means customers dealing with utility firms, central government, local authorities, and even some telecoms companies and mail- order firms are not guaranteed the same standards of treatment or safeguards as those managed by FCA-authorised CSA members.”


There was a 10% increase in the number of payment cards compromised at American ATMs and merchants in 2017, FICO has reported. The number of compromised card readers at ATMs, restaurants, and merchants rose 8% in 2017. “The number of compromises and the number of card members


impacted set a new record last year,” said TJ Horan, vice president of fraud solutions at FICO. “While most devices are safe, fraudsters are developing new technology and methods for hacking ATMs. This is why it is important for consumers to be cautious when withdrawing cash, and also for them to check their account regularly and confirm that all the transactions on their debit card are legitimate.”


ARC (Europe) has become an affiliate member of the Consumer Finance Association (CFA). Dewi Fox, managing director of ARC (Europe), said: “We work


with a number of short-term lenders in supporting their collections activities and recognise the work of the association in representing its members’ view to government and regulators.”


46 www.CCRMagazine.com April 2018


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