Wescot – Factors contributing to the change in the financial sector

The gradual change of many aspects within the financial sector can perhaps be attributed to the financial crisis that gripped the world over a decade ago. Closer to home there are a number of issues and situations that have arisen that have led to changes that will undoubtedly be felt by both individuals and businesses across the United Kingdom.

Wescot are one of the largest debt recovery agencies in the United Kingdom and as such have a keen interest in the current changes in the financial sector. The company have noted that these changes are due to a number of key factors that have influenced the financial market and have set in motion the need for change within the sector. One of the key factors associated with playing a part in the changes is in relation to the wescotcontinued pressure being placed on a consumer with regards to their disposable income. Recent figures show that levels of disposable income have reached the same as they were in 2008, largely down to the consumer friendly interest rates.

One of the most significant factors, in the opinion of Wescot, is in relation to the change in regulations and regulatory bodies. Responsibility for regulating the financial sector has shifted from OFT to the Financial Conduct Authority. The FCA has already signalled their intention for a greater sense of fairness, transparency and honesty within the financial sector and many of the new regulations reflect this.

There is also greater competition than ever before within the financial service sector with large companies such as Tesco, Virgin Money and Sainsbury’s all having recently entered the market. With the prospect of further large organisations following suit in the not too distant future, more changes seem likely.

Wescot are one of the companies that have put in place a clear strategy to tackle these changes and are in a strong position financially to not only adapt but thrive. The company itself is committed to ensuring that the needs of their customers are met at all times and this is a major contributing factor in relation to their continued success.

Wescot – Core values serve Wescot well

Wescot are a company from the United Kingdom that were originally established in the early 1970’s and are now one of the largest debt recovery agencies in the United Kingdom. Wescot pride themselves on the excellent relationships that they form with their customers and enjoy working closely with them to achieve first class results time and time again. Wescot currently employ over 650 staff at various locations throughout wescotthe United Kingdom. They have centres in Hull, Saltcoats and Glasgow respectively and they place huge importance in both the recruitment of staff and the ensuing learning and development strategies that they put in place.

The staff at Wescot receive ongoing training in relation to both customer service and debt recovery techniques and much of the company’s success is down to the skills and expertise of the dedicated staff members. In addition to this the company possesses an executive team that can boast vast amounts of experience within the financial and debt recovery sectors. The staff at Wescot currently deal with over 5 million account holders per year and that figure looks set to increase as the reputation of the company continues to grow.

Wescot as a company have a number of core values that remain integral to the continued success of the company. These core values have served the company extremely well in the past and are a major part of the way that the company is seen from those on the outside. At a time when much is being made of the damaging impact of corruption and other negative factors, Wescot are a company that retains their sense of integrity and honesty. The board at Wescot strive to retain the core values of being open, ethical, client centred, trustworthy and passionate in every aspect of their business. Wescot use these core values to ensure that they remain the number one choice for their customers in relation to their debt management and recovery portfolios.

Wescot continue to look for ways in which to improve their services and welcome any feedback from customers or the public so that they can keep on evolving as a company. Wescot have recently introduced a complaints management system in conjunction with Equiniti and it is hoped that this will increase the levels of communication between all parties concerned.

Wescot – New partnerships announced

Wescot are one of the market leaders within the debt recovery sector and are considered by many to be one of the largest debt recovery agencies within the United Kingdom. The company itself employs over 650 staff throughout the UK and has an impressive track record in relation to the levels of satisfaction enjoyed by their customers. With a burgeoning reputation for fairness, transparency, professionalism and integrity, Wescot are a company that are in a strong position to deal with the current changes in their sector.

Wescot are dedicated and committed to providing a first class service to their customers and it is with this in mind that they are always looking to improve their services in any way possible. The company prides itself on the high levels of customer service that their staff provide, and are keen to stress the importance of identifying and tackling the needs of their clients on an individual basis. With many changes taking place within the financial sectors, the need for a clear strategy and a willingness to evolve has never been greater.

wescotWescot have recently announced that they will be working in conjunction with two other companies to improve the efficiency of their service for the benefit of their customers. Adare are a company that provides editing software and is renowned for the quality of their software and programs. Wescot have decided to incorporate their SmartEdit software into their current system which will give them increased editing capabilities and improve the efficiency of the process when they need to change or alter records on their extensive database. In addition to this, SmartEdit also allows staff at Wescot to create new documents at the push of a button from existing templates which will significantly reduce the time currently spent creating new documents.

November 2013 also saw the introduction of a new partnership which would increase the company’s ability to deal with customer complaints. The complaints management system came about due to a partnership with a company called Equiniti and it is hoped that the new system, named Perito, will be a huge success and give Wescot increased capabilities in relation to dealing with customer complaints. The new system has been specifically designed for use within the financial sector and Wescot are confident that it will aid their staff in identifying and successfully dealing with all forms of customer complaints and grievances.

Wescot Credit Services – Ongoing investment

In the year to February 2013, Wescot Credit Services Ltd returned over £240 million to the balance sheets of its clients. At any one time, they find themselves managing over £4.5 billion worth of performing assets on behalf of their clients, and this just goes to show why they are the UK’s top provider of receivables management services.

wescotTheir debt free status means they have sufficient capital on hand to best service their clients and exceed their expectations. In the year ending February 2012, Wescot realised a turnover of £32 million and so are in a strong trading position, which allows them to invest heavily in expanding and improving their services. For example, Wescot Credit Services Ltd have spent over £4 million in the last two years upgrading their IT infrastructure. This includes a new telephony environment, up scaled networks and an upgraded collections platform. Investment such as this shows the seriousness that Wescot Credit Services Ltd gives to improving the already exceptional service it gives to its clients.

Ongoing investment is also prevalent in its employees, who each have a bespoke development plan with clear and measurable objectives. Plans such as this form part of Wescot’s overall learning and development strategy. Individuals are able to enhance their knowledge and develop new skills to help them in their roles. The knock-on effect is that the business’s clients receive an improved service from motivated and skilled staff.

The CCR-Interactive and Credit Excellence Awards are a prestigious industry event held annually. This year’s ceremony will see Wescot Credit Services Ltd as the main sponsor, which is a decision that the event’s organisers believe will bring much kudos to the day. It is also an example of Wescot’s drive to promote their brand and further cement their position at the top of the industry.

Anyone who deals with Wescot Credit Services can rest assured that they endeavour to treat all customers fairly and adhere to the very strict regulatory guidelines that are in place within their industry. Adhering to these guidelines has been made a much more straightforward task by the partnership formed two years ago between Wescot and Experian. Global information services company Experian provide Wescot with accurate and complete data, which has allowed them to improve their collections performance. It also means that they are able to better understand a customer’s characteristics and provide the most suitable service possible.

Wescot Credit Services – Working closely with Swift Advance

Promoting learning and development within their company is something that Wescot Credit Services Ltd look to do at every opportunity. Every employee gets an agreed upon individual development plan, which contains a clear and concise set of objectives. Wescot Wescotlook to encourage career progression wherever possible and by obtaining new skills and knowledge, employees are able to shape their own futures. The firm have even implemented a policy whereby staff are able to request time off from work to undertake study activities. Policies such as this show that Wescot are actively investing in their employees’ futures and looking to improve the services they offer. It also ensures that their customers get dealt with by highly skilled and motivated individuals, which undoubtedly makes for a better experience.

As the UK’s leading provider of receivables management services, Wescot always ensure they are in the best possible situation to assist their clients. A partnership they created two years ago with Experian sees them benefiting from the provision of clear and accurate data. This is a vital aspect of their business and allows them to adhere to the strict compliance standards in their sector. Furthermore, it means that every customer Wescot deals with gets treated fairly because of the firm’s increased access to information concerning individuals and their unique situations. Solutions can be tailor made for customers so that their personal circumstances are taken into consideration.

Some of the country’s largest and most successful firms use Wescot for the management and recovery of their collections. Household names like Sky, British Gas, NPower, RBS and HSBC are just some of their clients and represent a wide range of sectors. In the year ending February 2013, they had managed over 300 million customer accounts and brought returns of more than £240 million to their clients’ balance sheets. Their unique debt free situation allows Wescot to invest significant capital to improve the services they offer and deal with even more customer accounts through increased capacity.

Debt recovery isn’t the only solution that Wescot provide for their clients and another important offering is their range of ‘locate’ products and services. A recent example of how this can be utilised can be seen in the exercise undertaken by Swift Advance in conjunction with Wescot. Swift needed to trace some 2,000 previous customers so that they could be issued with small refunds. They employed the services of Wescot Credit Services Ltd who were able to successfully find almost 80% of the required individuals. This is an outcome that swift had not envisaged and was way above their expectations.

Wescot | CCR-Interactive Introduces New Sponsor

WescotCredit Collections and Risk (CCR) is one of the UK’s largest publications within the industry of debt recovery. Within the monthly magazine’s pages is a wealth of information regarding debt management techniques for both individuals and lending companies, as well as articles that relate to debt recovery itself. Given that the industry is currently facing an upheaval of regulations and difficult financial obstacles, CCR is providing up to date reporting as to what these implications might mean for their readership. In addition to their monthly publication, CCR also organise the UK’s biggest one day event, CCR-Interactive whereby debt recovery experts, companies and potential clients all meet once a year to discuss strategies and the industry in general. CCR-Interactive has announced a new sponsor for the event, Wescot Credit Services, a debt recovery company that has a long established history within the industry.

Speaking on behalf of CCR, Stephen Kiely who is the editor of the magazine has said that they are ‘delighted’ to welcome the debt recovery company to sponsor their main event, CCR-Interactive. Because the conference grows in size each year, it is ‘important [CCR] have the right kind of headline sponsor’, continues Stephen Kiely. The sponsor will be responsible for the event itself, CCR-Interactive which in the past has provided several benefits to those have attended. Some of which includes important information regarding significant aspects of operating a debt recovery company like best practices to continue increasing profits given the bleak economic outlook as well as how regulatory changes can affect some of the ways these businesses are run.

Sponsors of the CCR-Interactive event are also responsible for the Credit Excellence Awards, given by the magazine. The Credit Excellence Awards cover many different categories, from Best Newcomer, Collection, Compliance and Data Protection. These awards are prestigious achievements for any companies on either side of the debt recovery process and attract large and modest businesses from around the world. Because of the attraction of the awards, this gives companies ample opportunity to open up new relationships with businesses they would not normally come into contact with.

Finally, there is a dinner hosted by CCR and their sponsors, Wescot. As well as views from the hotel function room that overlook Tower Bridge, a full dinner provided by CCR and Wescot, there was a charity auction with prizes provided by many of the companies in attendance.

Wescot Credit Services | New Sponsor for Money Advice Scotland Conference

WescotMoney Advice Scotland is an independent charity that focuses on relieving people across Scotland of the burden that worrying about debt can bring. They offer free, impartial advice on all aspects of money problems in particular advice on how to handle personal debt. The charity has been around in one form or another since 1989 and is now one of the largest charities of its kind, with a reach that extends beyond Scotland. Each year, the management team at Money Advice Scotland provide a conference whereby consumers, clients and debt collection agencies can congregate and they provide valuable information for all parties.

While a large portion of the charity’s funding is provided by the Scottish government, and the national Money Advice Trust, the charity does benefit from events such as their conferences and other services. Their latest sponsor is Wescot Credit Services, which is one of the largest debt recovery companies in the UK, employing 650 people at locations in Glasgow, Hull and Saltcoats. The company processes 5 million clients each year, firmly placing it as one of the market leaders. For Wescot to be sponsoring the Money Advice Scotland conference, it is going to attract large numbers of attendees as well as funding the charity in its aims to help those with financial issues.

The conference that Money Advice Scotland provides is a tour de force of seminars and workshops that focus on key aspects in the financial sector. As well as the many set pieces that have been organised by workers at Money Advice Scotland, there is ample opportunity for businesses to network with other operators within the industry, many of which they might not come across outside of the conference. On the first day of the conference, Money Advice Scotland provide two workshops sessions that attendees can learn about bankruptcy and its implications, from both the perspective of the lender and the borrower, as well as advice on regulation and welfare reform. The first day finishes with a large dinner hosted by Money Advice Scotland and then a charity auction. The second day of the conference is slightly shorter, with more networking opportunities but only one workshop session that focuses on different issues than those on the first day, ensuring there is something for everyone.