Cabot Credit Management becomes an Associate Subscriber to the Lending Code
New subscription reflects the high standards CCM has for its customers
6 November, 2014 - Cabot Credit Management (CCM), a market leading acquirer and manager of consumer debt, announced today that it has been accepted as an Associate Subscriber to the Lending Code.
The Lending Standards Board (LSB), which monitors and enforces compliance with the high standards of the Lending Code, recently introduced Associate Subscriber status to allow debt collectors and purchasers to subscribe to the Lending Code in their own right. CCM is the second company to have successfully completed the application process.
Ian Jackson, Head of Compliance for Cabot Credit Management, said: "We are delighted to become an Associate Subscriber to the Lending Code. This demonstrates to our customers and clients that we not only maintain a close relationship with our regulators, but also of our commitment to the protection of our customers when someone is experiencing financial difficulties. The LSB monitors our standards to assist us to ensure that we deliver the right outcome for customers."
Robert Skinner, Chief Executive of the LSB said: "We are pleased that we have been able to accept Cabot Credit Management as an Associate Subscriber to the Lending Code. How customers in financial difficulties are treated by lenders, their third party collection agents and firms to whom they sell debt, is of paramount importance to us. We believe that bringing major firms such as CCM within our monitoring regime will help us ensure that all customers are treated sympathetically and positively as required by the Lending Code."
About the Lending Code and the LSB
The Lending Code is a code of good practice followed by the major providers of personal loans, credit and charge cards, current account overdrafts and debt collection activities related to these products. The Code also covers lending to micro-enterprises and small charities. The LSB independently monitors and enforces the Lending Code and takes action where lenders or agents acting upon their behalf fall short of the Code's standards.
The Code requires subscribers to be sympathetic and positive when considering a customer's financial difficulties. This key commitment is supported by detailed requirements set out in the Code. Subscribers fall into two categories, full and associate subscriber. Full subscribers are lenders who are required to follow all sections of the Code, whilst associate subscribers are debt collection or debt purchase firms, where activities are primarily covered by section nine of the Code (Financial Difficulties).
The Lending Code is co-sponsored by the British Bankers' Association, the Building Societies Association and The UK Cards Association. The LSB's directors include a majority of independent members as well as representatives of the Code sponsors. Details of the Board members can be found on the LSB website.
About Cabot Credit Management
Cabot Credit Management is a market leading acquirer and manager of consumer debt. Divided into four specialist businesses, Cabot Financial, Cabot Financial Ireland, Apex Credit Management and Marlin Financial Group, it covers debt purchase, contingency collections, and customer tracing.
The combined Cabot Credit Management group has purchased assets of £11.2 billion, manages over £1 billion of assets on behalf of clients, collects over £25m per month on portfolios it owns and on behalf of clients, and has a 15 year unbroken track record of steady growth.
The combined Cabot Credit Management group employs approximately 870 people with offices in Kings Hill, Stratford-upon-Avon, Dublin, Worthing and London. The company prides itself on its ethical values and high standards. It has an impressive list of accolades including achieving Investors in People Gold and Champion awards and attaining a place in the Sunday Times Top 100 Best Companies To Work For - 2013 and Marlin being ranked in 30th in the Sunday Times Profit Track 100 - 2013, the only debt purchaser to be named. In addition Cabot Financial has a Quality Management System ISO 9001 since 2008.
The controlling shareholder of Cabot Credit Management is Encore Capital Group, an international speciality finance company providing debt recovery solutions for consumers and property owners across a broad range of assets.