IE Hub can provide the platform to foster the creditor - customer relationship
The fine imposed by The Financial Conduct Authority (FCS) on Barclay Bank UK, highlights the need to understand your customers financial situation when they are in arrears.
The FCA said the bank failed to properly contact customers who fell into arrears and did not have appropriate conversations about their individual circumstances leading it to offer unaffordable, or unsustainable forbearance solutions.
Mark Steward, executive director of enforcement and market oversight at the FCA, said:
“Firms must treat consumer credit customers fairly, including when they find themselves in arrears…While this case predates the pandemic, this message is especially important as the impact of coronavirus continues to affect household incomes and budgets.”
The FCA also highlight the need for firms to show forbearance and due consideration to customers in arrears or in financial difficulties. Otherwise, it warned, a customer under financial pressures could end up "making payments on a consumer credit loan at the expense of a priority debt, such as a mortgage, council tax, child support and utility bills".
IE Hub can help build a better understanding of your customers financial situation without impacting on your operations. IE Hub’s self-serve platform delivers a digital affordability assessment for you and your customers. Our approach to collections reduces running costs, save time and increase customer engagement.
Empower customers to share affordability information through our secure platform with delivery tailored to your operation.
Joining IE Hub is simple….
Ø Sign up and add your company to our share list
Ø Confirm your I&E delivery method
Ø Let your customer know they can share their budget with you by visiting www.IEHub.co.uk
Our clients receive an 88% contact rate through IE Hub and with over 650 creditors represented in our database your customers may already have an I&E saved to share with you.
For more information about IE Hub view our 2 minute video