Harrington Brooks is Granted Full Authorisation by the Financial Conduct Authority
The new process for authorisation introduced when the Financial Conduct Authority (FCA) took over the regulation of consumer credit firms is significantly more rigorous than the previous OFT regulatory process. As part of its new regime, the FCA now requires debt management firms to meet a set of conditions that include fair and transparent fees, the provision of suitable advice, fully trained employees, appropriate systems and controls to protect client money, and a sustainable business model focused on getting the best outcomes for the customer.
Manchester based Harrington Brooks, one of the UK’s leading personal insolvency providers, has been assessed by the FCA and granted full authorisation. The FCA has confirmed that Harrington Brooks meets all its tough new conditions and is fully authorised. This means that Harrington Brooks can continue to focus on getting the best solution for its customers, safe in the knowledge that the firm will be by their sides for the long term.
MediusUK.com regulatory consultants assisted Harrington Brooks with its application. Director Vaughan Edwards said: “The team at Harrington Brooks have shown incredible resilience and put in a huge amount of work to get through the toughest authorisation process we have seen”, and added, “Their experience also serves as a wake-up call for firms who are about to go through the FCA authorisation process – this is a long way from the box-ticking exercise that some might imagine it to be.”
Matthew Cheetham, CEO of Harrington Brooks, commented, “We are delighted to announce that Harrington Brooks have been Fully Authorised for debt management and would like to thank everyone who has contributed to this fantastic outcome, which has come as a result of a lot of hard work.
“We have had to make changes to the business over the last 2 years and made some tough decisions and have worked closely with the FCA to deliver improvements. We can confidently demonstrate that we are committed to our regulatory responsibilities and to Treating Customers Fairly.
There has been significant investment across the business and there is no doubt that we need to keep improving and ensuring we are providing the best outcomes for our customers. We have the systems and controls in place to help us do this and we are confident that the supervision audits which we will have from the FCA now that we are authorised, will show this.”