Andy Moody, managing director of TCF Debt Solutions believes that networks are becoming more aware of the potential dangers their ARs face when dealing with debt advice companies which leave clients and advisers at risk.
He says: “Networks are vulnerable in areas such as debt advice because of the uncertainty over their regulatory status. We are receiving more calls from networks seeking help because with the market for debt advice growing, all intermediaries including ARs are being bombarded with competing propositions some of which are inadequate for client needs and potentially do not protect the adviser from future claims of poor advice.”
He adds: “Networks are rightly very worried by their potential exposure to retrospective claims under treating customers fairly rules. At TCF Debt Solutions, we guarantee that the adviser refers the client to us and the advice the client receives is always from us.
“Unfortunately, many other offerings fudge this issue and leave the adviser vulnerable when advice turns out to be wrong or inadequate. Unfortunately, many debt firms are also just selling one solution to the detriment of the client, so the potential for misselling is also increased. Networks need to know their ARs are protected from potential future claims and working with a firm like TCF Debt Solutions provides peace of mind to network and AR.”