Ensuring compliance with Consumer Duty and regulatory requirements within a collections function is pivotal for creditors. The evolving regulatory landscape necessitates robust measures to stay compliant, protect consumer rights, and mitigate legal risks. This article delineates pulls from our ROStrategy interview knowledge base to highlight the top ten key elements needed for successful implementation, examines their importance, outlines key considerations, and explores the benefits for businesses.
Why Compliance with Consumer Duty and Regulatory Requirements
Compliance with Consumer Duty and regulatory requirements is fundamental in safeguarding consumer interests and maintaining the integrity of financial markets. For creditors, particularly within a collections function, adhering to these regulations ensures fair treatment of consumers, minimises the risk of legal penalties, and fosters trust and transparency in financial dealings. Non-compliance can lead to severe repercussions, i...
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