Financial welfare is a very important issue across the UK irrespective of the differences in the legal and financial systems between England and Wales and Scotland. In an era of economic uncertainty, the financial advice and support provided by charities such as Money Advice Scotland are crucial in helping those who are financially vulnerable, and this is supported by sponsorships of the events that charities like this provide by collection agencies such as Wescot Credit Services.
Wescot Credit Services is one of the largest collections firm in the UK, offering products and services for high-profile clients and household company names across the banking and finance, telecoms and media, and utilities markets. They employ over 650 members of staff in three service centres based in Hull, Glasgow and Saltcoats, and manage over £8 billion in client assets. They service every major bank in the UK and are partnered with many leading companies including British Gas, EE and NPower.
Wescot Credit Services was the first debt collection agency to set up a specialist unit in support of the free advice sector – including the Money Advice Trust and Christians Against Poverty – to offer support for customers who are in a vulnerable positions. This, along with WCS’s sponsorship activities for events like the Money Advice Scotland Conference, are indicative of their proactive participation within the debt advice sector.
As a very large collections firm, they have a duty to adhere to the strict regulatory landscape that surrounds collections, but it is their non-obligatory participation in financial welfare that highlights their position as an ethical agency – however contrary this might be to the general public consensus – and their efforts in identifying and implementing best practice initiatives within the business.
The 2013 Money Advice Scotland Conference will address topical issues currently affecting the world of debt regulation and financial services. Particular issues include new Scottish bankruptcy legislation, UK welfare provision and the introduction of a new consumer credit industry regulator; the Financial Conduct Authority.
This conference allows the many different entities and interests of the credit and debt markets to come together and address the issues that are currently most significant. Wescot Credit Services state that they are proud to support the Money Advice Scotland Conference and their efforts within the industry.