Positive Reaction To Fee Changes under new FCA Regulation
Harrington brooks financial management customers have reacted positively following changes to the fee structure under new FCA regulation.
On 1 April 2014 the Financial Conduct Authority (FCA) took over the regulation of around 50,000 consumer credit firms from the Office of Fair Trading (OFT), including Harrington Brooks.
The new regulations affect anyone who has taken out a loan, used a credit card, had difficulties repaying debts or looked for advice on debt problems. The new regulations promote consumer interests beyond the basic requirements of the law and mirror Harrington Brooks own ethos which is about “putting the customer first” and “at the heart of everything we do.”
Since the 1st April 2014, when the new FCA regulations came in to force, Harrington Brooks have emailed and/or sent letters out to each individual customer advising them of the changes.
The response we have experienced has been very positive on the whole, with just one person requesting to cancel their plan and one complaint to the customer service team.
From the feedback we have received, most customers think that the move to have a flat monthly fee structure is a definite change for the better and that it’s easier to understand and calculate. Many customers have experienced a reduction in their fees as a result, and have been keen to let us know how pleased they are.
Savvy as ever, our customers have also been quick to comment about how it compares in the market place and appreciate that it’s not only competitive and fair, but also one of the best value structures.
Thank you to all our customers who took the time to give feedback, it is important and we do appreciate your comments.
An explanation of the new few structure applicable to customers on Financial / Debt Management Plans from April 2014 is available at financial management – key information
Positive Creditor Responses
It also worth noting that a number of Creditors we work with on your behalf have expressed positive feedback as a result of the changes we’ve made to the fee structure and distribution of payments.
Our top 30 creditors account for nearly 72% of the total debt Harrington Brooks have under management. Going forward we also hope that these positive changes will help us to negotiate even more favourable reductions and/or freezes in interest and charges. Reductions and freezes can’t be guaranteed but we hope to better our current statistics which show that we currently get *91% of creditors to freeze interest and to stop charges.
If you would like to provide feedback please contact us or even easier, log in using your own personal user name and password in the My Online Account area – you can access it from the Harrington Brooks home page in the top right hand corner.
A Great New Service for Customers – My Online Account
If you haven’t yet visited the My Online Account we urge you to do so.
There are loads of reasons to visit the My Online Account area regularly as it’s designed to give you the customer better access to information about your plan and provide greater visibility about your payments, creditor information / balances and important income and expenditure details.
Not only is it important to keep this information up to date so that we can ensure your plan runs smoothly, but as many of you have fed back, it’s great to be able to see your debts coming down with each payment you make. Great peace of mind!
Please keep visiting the My Online Account area regularly to keep track of your plan and payment activity and we’ll make sure you are kept up to date with useful news and advice.
My Online Account – it’s our way to help you countdown to becoming debt free.
Notes: (91% of total value of debt under our management on behalf of clients)