OpenDoor, the legal services arm of the One Advice Group, is pleased to announce that the Group’s specialist debt management firm, Harrington Brooks, has been given the regulatory green light after being granted full authorisation by the Financial Conduct Authority (FCA).
The FCA, which started its authorisation process in October 2014, took over the regulation of consumer credit firms in April 2014 from the Office of Fair Trading (OFT). The new process for authorisation has been designed to be more rigorous than the previous OFT regime.
As part of its new regime, the FCA wanted debt management firms to meet a set of required conditions, including: fair and transparent fees, the provision of suitable advice, fully trained employees, appropriate systems and controls to protect client money, and a sustainable business model, that was focused on getting the best outcomes for the customer.
OpenDoor is therefore delighted that the FCA has confirmed that Harrington Brooks has met these threshold standards, as it means that it can continue to focus on getting the best solution for its customers, safe in the knowledge that the firm will be by their sides for the long term.
Matthew Cheetham, CEO of the One Advice Group, commented: “We are delighted to have achieved full FCA authorisation. The approval is testament to the excellent and hardworking people at Harrington Brooks and a business that is geared towards helping our customers back into financial health and continued financial wellbeing.
“By achieving full authorisation, Harrington Brooks will now be able to continue improving our service, investing in our people and creating an ever better experience for our clients, who are in serious financial distress.”