Money Advice Scotland (MAS) is a registered charity which operates as the national umbrella organisation for the support and promotion of independent, impartial, free and confidential debt and finance advice and financial inclusion. Each year MAS host a conference addressing some of the more important topical issues which affect the financial services and credit services sectors. As one of the sponsors of MAS, Wescot Credit Services proactively engage with the debt advice sector to identify and implement best practice across the board, especially in these times of huge change for the financial services industry.
“Wescot is proud to support the Money Advice Scotland Conference and the excellent work undertaken by the MAS. Wescot is one of the largest debt collection agencies in the UK, employing over 650 staff at three centres in Hull, Glasgow and Saltcoats and servicing more than 5 million consumers each year. Wescot practice initiatives within our business ensuring customers and advisors continue to receive appropriate outcomes and support when working with Wescot.”
This year’s MAS conference, held over the 3rd and 4th of January, addressed the issues relating to changes in the regulatory landscape, including new bankruptcy legislation, welfare reforms and the setting up of the new Financial Conduct Authority (FCA) and regulatory board. In early 2014, it is expected that further topical issues within the finance sector will be up for debate, as new reforms shake up the industry and stricter regulations engender a need for a higher level of compliance.
As industry leaders, Wescot have always prided themselves on adopting compliance standards which are unsurpassed in the industry. In many cases, Wescot Credit Services have actually helped to shape the stringent government regulations now in place. Wescot continue to work ethically and to lead the way in terms of dealing with the increased regulations and the impact these have upon the credit services sector. The high compliance standards held by Wescot are recognised by both Trading Standards and the Lending Standards Board. Compliance is at the heart of everything Wescot do, with the strictest standards being built in to all processes to ensure continued adherence to all current regulations and guidelines.