FCA launches working group to ensure compliance in the finance industry
With a growing number of finance sector companies and individuals deliberately seeking to avoid their liabilities to consumers by closing down firms (or resigning senior positions) only to re-launch themselves as a completely different entity, the FCA has established a new working group to tackle the issue of ‘pheonixing’ and to strengthen compliance in the finance industry standards.
The FCA says the new collaboration, which includes the Financial Services Compensation Scheme, the Financial Ombudsman Service, the Insolvency Service and Scotland’s Accountant in Bankruptcy, is working in partnership to help it build cases against rogue finance sector firms and to refuse application for authorisation.
At Synergy Commercial Finance we are one hundred per cent behind this initiative that is determined to weed out unscrupulous firms and to drive up standards of compliance in finance industry procedures.
As one of the leaders in the UK’s commercial finance sector we place enormous emphasis on compliance and every single one of our growing number of franchisees who become Authorised Representatives (ARs) of the company are totally compliant with all of the FCA’s regulatory requirements. Indeed, virtually every one of our franchisees confirms that one of the primary reasons they joined our national network of local brokers was that they would be confident that they were properly authorised and meet all their compliance in finance industry commitments.
The other important factor in their decision to join the ranks of Synergy ARs was our ‘Broker in a Box’ support package. This unique facility provides all the day-to-day back-up that brokers require … relieving them of much of the daily stress and hassle of running a busy broker business and enabling them to concentrate on delivering the very best commercial finance deals for their clients whilst growing their business in the most efficient and profitable way possible.
Their compliance in financial industry commitment is something they know they can leave entirely to us with total confidence.
Among the other major factors is the unrivalled range of commercial financial solutions we provide, plus of course access to what is recognised as the UK’s biggest and most comprehensive funding panel that now numbers in excess of 200 lending sources, including High Street and specialist niche market lenders.
If you are a commercial finance broker and would like to learn more about our compliance in finance industry package, plus all our other broker support opportunities please do not hesitate to contact us. You can call us on 01904 481 786. You can also email: email@example.com or you can send a message using the online form on our Contact page.