PTFS has named the subsidiary Personal Touch Debt Solutions (PTDS) and confirmed that since applying for the variation of licence, the OFT has carried out a check on the business systems and processes and given it a clean bill of health.
The Financial Services company has said it has looked to differentiate itself as a provider of debt solutions having initially considered working with a third party on a referral basis. It will only allow advisers who are regulated in the financial services arena to deal with a clients debt issues. It has also ensured it has benchmarked its pricing so it is one of the most competitive on the market for clients.
Dev Malle, group sales director at PTFS said, “With approximately half a million people in debt management plans in 2008 and estimates that this will double in 2009, it was essential that we developed a solution which embedded the principles of treating customers fairly and sustainable home ownership. For us it didn’t matter that this area isn’t regulated in the way financial services are because as a regulated entity we need to ensure we operate under the FSA principles regardless. This is why we have ensured that advisers who assist clients with debt advice are regulated and our systems and processes are following a similar format to the one we follow for regulated products. Every adviser who applies to become a debt management adviser must also complete a T&C course and test.
“Taking into account the economic environment, we have also adopted a unique approach to assist the client on every occasion in putting forward a plan to keep a roof over their heads and this fits well with lenders who are now trying very hard to limit and reduce arrears and ensure repossession is an absolute last resort. The process is able to cope with clients who approach advisers directly or who are referred by a third party for independent advice.”
