The client’s best interests

In any situation where money is owed, there are two parties whose interests may conflict. As a professional debt adviser, you should know that you cannot advise both parties in such a situation, and so you must be clear that you are working only for the interests of the client. This is true even if your employment is funded by the finance industry or another creditor, such as a local authority, or if you work for an organisation that seeks to be impartial.

The FCA’s Consumer Credit Sourcebook makes it clear that all advice given, and action taken, must consider the best interests of the client and must take into account:

•their financial circumstances; and
•their personal circumstances, including the reasons for their financial difficulty and whether they are temporary or long term; and
•any other relevant factors, including any known or reasonably foreseeable changes in the client’s circumstances.

You should also take into account whether the client is a vulnerable person, the options open to the client and the powers of the creditor to enforce the debt.