Yuill & Kyle joins select minority of independent Scottish legal firms to gain FCA authority
Glasgow-based independent law firm Yuill & Kyle Limited has secured ‘full authorisation’ from the Financial Conduct Authority - the ‘gold standard’ for firms carrying out pre-sue collections of regulated debt.
The status, acquired following a rigorous application process, means the West Regent Street business is now one of only a tiny number of independent Scottish legal firms so recognised by the FCA.
The City watchdog’s authorisation means the firm can now carry out ‘debt collection’ services in compliance with FCA regulations, including pre-sue collections whether by writing, or phoning a creditor’s customers who are in default.
Yuill + Kyle managing partner Stephen Cowan said: “Quite often as part of an audit process a creditor may take the view that they will not deal with a legal firm unless they have the FCA consent. Because Y+K now have this a creditor should be confident that their services meet with the standards set by the FCA.
“If one is carrying out pre-sue collections of regulated debt then the ‘gold standard’ will be to have full FCA permission.
“For example if you carry out pre-sue collections and the agreement is regulated by the consumer credit act then creditors will require to comply with the FCA’s rules which are contained in their very detailed rulebook.
“The FCA require any organisation to whom they pass collections work to be fully compliant and conversant with their requirements.
“Accordingly, because Y+K now have full permission from the FCA, this means that any creditor who require collections of ‘regulated debt’ should be satisfied that Y+K have met the rigorous standards set by the FCA.”
He added: “Getting authorisation was quite an arduous task – it has taken a year and a half and almost 9 inches of paperwork along with about thirty different types of policy which the FCA require.
“We are one of the very few independent Scottish legal firms to have achieved this and I would like to thank my entire team for achieving this.”