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 continued 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.