In the current economic climate most financial intermediaries expect to come across clients in financial hardship or with high levels of unsecured debts who may be considering terminating key insurance policies or missing priority payments.
They recognise their obligation to help longstanding clients by sign-posting them to a reputable debt solution providers and to ensure that the advice they provide themselves is compliant.
TrigoldCrystal is an Affiliate Member of the Association of Professional Debt Solution Intermediaries (APDSI) and is committed to providing its clients with access to the best support and advice available.
Changes in the current UK regulatory environment can be very demanding on financial intermediaries without a compliance department and TrigoldCrystal has teamed up with APDSI to share their knowledge and experience face to face with brokers.
Terry Norris, Key Account Manager at TrigoldCrystal, commented:
“TrigoldCrystal’s adviser website service has a new plug-in which allows consumers to gain access to a full range of debt solutions from their adviser’s website.
"APDSI has been assisting our website design team to be compliant with the updated OFT Debt Management Guidance and new Misleading Trading Styles consultation, where there could otherwise be a significant business impact. The new guidance has a direct impact on e-marketing and domain names that you can use.
“In addition to Mortgage, Protection, and Home Insurance quotes, clients of our website design service can add a Debt Solutions plug-in to their site, offering a full range of debt solutions, including; Debt Management Plans, Individual Voluntary Arrangements and Bankruptcy Assistance.
"We offer a panel of debt solution providers, all of whom are members of well known trade associations and who operate to recognised codes of conduct.
"For Scotland, we are able to provide access to specialist providers to cover debt solutions in this legal jurisdiction, for example; Protected Trust Deeds, DAS and Sequestration (Bankruptcy).
“The aim of the collaboration is to take time and effort away from busy brokers whilst still allowing them to generate new revenue streams. Full annual membership to APDSI is offered at a preferential rate and over 20 brokers have so far taken advantage of this packaged service since launch this quarter.”
David Thomson, Sales and Marketing Director at TrigoldCrystal, added:
“Debt management is an increasing consideration for many brokers’ clients should other, more traditional financing options, be unsuitable or unavailable.
"For many intermediaries, this will be a new product area and so it is crucial that they understand the appropriate process and procedures.
"Our debt management module in Prospector was launched in 2009 and we have now included a debt solution option in our website proposition.
“As an Affiliate Member, we’re delighted that APDSI is continuing to support our academy team to share their knowledge and experience face to face with brokers.
"In our sessions that help brokers support customers in financial hardship, we explain the process to make a referral through Prospector or their own website and then outline the importance in documenting how they arrived at this decision and determined that it was in their best interests.”
Alasdair Warwood, Secretary General of APDSI, concluded:
“We are very pleased to continue our support of the TrigoldCrystal Business Academy events into 2012. A core aim of APDSI is to help financial intermediaries make compliant referrals and introductions to licensed and competent debt solution providers at a time where the provision of debt advice is under scrutiny by government.
"Many financial intermediaries are now regarded as debt counsellors by the OFT from a licensing perspective.
“Through these Academy events we aim to provide attendees and prospective members with information to enable them to keep up-to-date with matters affecting the debt solutions industry.
"The events in 2011 have proven a successful forum for the exchange of non-competitive information and best practices that ultimately encourage financial intermediaries to deal with customers in a clear and transparent manner and to treat them fairly in accordance with the principles of TCF.
"We have welcomed the opportunity to work with the TrigoldCrystal website design team to ensure that the emerging regulatory requirements are being included in the website templates.
"The principles of Transparency, Fairness and Redress set out in the OFT Debt Management Guidance are key.”
