Compliance and Advisory Consultancy
Our consumer credit specialist lead lawyer, having spent years consulting for a number of large banks in the sector, also specialises in compliance and regulation in consumer credit. This experience, paired with the high level of expertise in other areas, puts our company in a unique position; offering a multifaceted service that goes beyond that of other firms.
Compliance
We support our clients in meeting their major compliance challenges and over the years have helped them create business opportunities – in large part due to the number of years that we have advised in the consumer credit and motor finance sector.
Firms with a strong compliance infrastructure gain competitive advantage, especially where they have innovative products that continue to evolve to suit customer needs. We have been instrumental in supporting our clients reach a high standard of compliance and corporate governance, implement new finance products or simply build more flexible payment options for its customers and improve the ease-of-use of online platforms for customer access.
We have helped our clients with all consumer credit and regulatory changes over the last 25 years or so, and for consumer credit, there is a never-ending need for clients to be supported through regulatory change with hands-on project management and implementation support. This is why we are a good fit to provide consultancy and advisory support alongside our legal services. Our work includes delivering online solutions to solve many of the regulatory burdens, from getting the sales process correct and compliant as well as adequately evidenced.
We are at the forefront of supporting lenders and brokers in this specialist sector. Regulators have become increasingly global in their approach to regulation and this, combined with a focus on ethics and ‘doing the right thing’, means the task of meeting regulatory expectations is increasingly complex to support, for clients looking to implement proportionately, compliantly and commercially.
Alongside our legal consultancy and advisory services, we provide regulatory and compliance support and guidance under one business, covering the full spectrum of services needed to run a credit or finance business or credit brokerage. We work with our clients to solve specific issues, assist with changes in regulation and advise and implement solutions for new regulations on systems, policies and procedures.
Advisory
We also provide day-to-day advisory support to our clients.
The level of expertise that we’ve gained from our years in industry and work across the sectors mean we are the ideal business partner to provide well-informed expertise and advice.
We also work as part of a network of advisors and consultants who specialise in the same sectors that we do. We work with our clients from the very outset to make sure the project plan includes all the vital ingredients for meeting regulatory standards. We’ll become an integral part of your project team when new regulations need to be implemented, or new products or frameworks need to be launched. We carry out regular regulatory reviews, constantly checking and advising that what you have implemented is compliant and keeping your business, policies and procedures up to date.
Following a review with a clear project plan fully mapped out on how to implement, correct or improve upon what we have found, we provide you with sector-focused reports covering our findings and ways to ensure you are complying with legal and regulatory requirements, adequately managing risk and fulfilling conduct and governance standards at all times. Our reporting is suitable for audits generated by third parties, such as appointed representative reviews, lender and broker reviews and trade association audit reviews.
We’ll also support you before, during and after an FCA audit.
Furthermore we provide full service support including regular delivery of advice, drafting legal documents and implementation in many areas including advertising and marketing, sponsorship and asset purchase agreements, trademark registrations and software licences.
Examples of our work
Working with a large captive on implementing the FCA findings following the motor finance review to include the implementation of affordability standards.
Working within the legal department of a major British financial institution, providing advice on technical consumer credit matters. Attending and managing stakeholder meetings, supporting the business in a full review of the regulated products and BAU processes, assisting with writing a new online regulated finance product, supporting remediation projects and supporting the risk, compliance and dispute resolution teams on complex contentious and non-contentious matters.
Working within the legal department of a retail bank, with the General Counsel, conducting litigation, mediation and defending claims brought against the bank under section 75. Cases included PiP implants (group litigation claims), land banking cases, timeshares and holiday clubs, through to general services disputes. Advising and supporting the business on consumer legislations.
Working for a high-end private bank and Wealth Manager to conduct enhanced due diligence work of high net worth and of high-risk lending, including those of Politically Exposed Persons. Carrying out secondary gap analysis to identify any outstanding gaps, advising the business on fulfilling the requirements of the AntiMoney Laundering regulations and the bank’s internal policies.
Working for the Ombudsman Services conducting mediation work between businesses and consumers. Handling cases through to final decisions.
Working with a large retail bank to complete implementation of all the areas associated with the senior management regime.
Working in house for a well-known international provider of business and consumer finance, drafting both regulated and unregulated finance agreements, including pre- and post-contractual documentation and general commercial contracts. Dealing with day-to-day leasing enquiries and supporting the risk, compliance and litigation teams in the business.
Working for a retail and commercial bank defending claims on the mis-sale of packaged bank accounts. Analysing and conducting investigations of customer accounts and liaising with both the business and customers to achieve amicable resolutions.
Supporting the motor finance division of a large broker to meet regulatory standards with its brokers in order to collaborate on broker and dealer introduced sales, and thereby ensure the sales operation is both legally and compliantly up to the standard of the FCA requirements. This included legal and operational agreements, commercial terms, commission and remuneration structures, policy and procedures, onboarding of dealers and brokers to meet regulatory standards, as well as supervision and monitoring, and escalation policies and procedures. This work included carrying out a full review of brokers and dealers to ensure there are no gaps in the sales and agreements processes, ensuring that the process of treating customers fairly is fully embedded.