TCF Debt Solutions is opening 70 new introducer agencies a week, as the trend for debt management increases, says its managing director Andy Moody.
Moody says this is great news because it vindicates its strategy of working with the broker market.
He says: “Debt has been a fact of life since man invented money but in the past two years the need for debt advice has mushroomed and we are seeing increasing evidence that intermediaries have realised that they can make a huge difference to the lives of clients blighted by debt.
“At TCF Debt Solutions, we have been banging on for a long time about how advisers of all types can get involved ethically, helping people to find the right advice and also get paid for their time. So it is not surprising that the number of agencies we are granting has rocketed.”
TCF Debt Solutions is broker focussed and only works with clients introduced by advisers and accepts no business direct from the public.
He adds: “So many supposedly intermediary based debt advice companies are openly accepting business directly from the public and refuse to offer any kind of no cross selling guarantee to their intermediary introducers.
“If you then factor in the issues over the legitimacy of some so called advice being offered, the fees some companies are charging up front and the thorny subject of whether the introducing adviser is still responsible for the advice being given by a third party, it is hardly surprising that our totally transparent offering, building on our previous experience of working exclusively with intermediaries, is so popular.”