![]() ![]() I’d recommend the training to others in compliance roles.” The VRS session helped to set this into the context of our obligations under the new Consumer Duty, which I am leading on the implementation of, and enabled me to put in place frameworks for ensuring that we not only comply with the regulation but offer the best possible customer experience for those in financial difficulty. As a debt purchase, collections and credit management firm, effectively identifying and supporting vulnerable customers is a top priority for us. “I completed Vulnerability Registration Service’s FCA Consumer Duty Online Vulnerability training in October 2022 and found it informative and engaging. Janice Holmes, Risk & Compliance Manager, Perch Group, said: Regulated persons and Senior Management.Demonstrate compliance with the new Consumer Duty from a vulnerability point of view.Īll attendees receive a VRS FCA Consumer Duty Vulnerability Training Workbook to support with implementing the learnings in their organisation and VRS FCA Consumer Duty Vulnerability Training Certificate of Attendance.Create a framework of action for each vulnerability type and.Identify the practical implications, requirements and actions needed for their firm to meet the expectations of the FCA in considering the ‘needs, characteristics and objectives’ of vulnerable people.Understand how to overcome the challenges of managing vulnerable customers.The training, which includes interactive activities, costs just £195/person/session (or £150/person/session when places for more than one team member from the same organisation are booked at the same time), aims to enable participants to: Our practical, three-hour, FCA Consumer Duty Online Vulnerability Training, delivered by VRS’ Kirstie Gatter and industry expert Kevin Still, is designed to empower firms to make consumer duty part of their business-as-usual and reflect on areas of improvement over the next year in preparation for the July 2024 audit. Now the implementation date of 31st July has been and gone, the VRS are pleased to offer further Consumer Duty training sessions to assist your organisation in the next steps. Not-for-profit organisation Vulnerability Registration Service (VRS) provides a single, central, independent register of vulnerable people, helping companies to identify vulnerability and keep people safe and helping consumers protect themselves against social, mental, and financial hardship. So you might want to get advice about what’s best for you and your business.***PLACES AVAILABLE FROM £195/PERSON/SESSION (or £150 for multiple bookings) – BOOK BELOW!*** For example, you can’t offset losses against your taxable income, or claim for more than £500 in interest costs. However, there are some downsides to cash basis accounting. This means you wouldn’t pay tax on this until January 2023. If you use cash basis, you would have to declare this income in the tax year you got paid, which is 2021/22. You have to declare this income on your 2020/21 tax return and pay the tax on it by January 2022. But, if you agree to and invoice someone for work several months before you get paid, it can change the year you pay tax on that income.įor example, if you use traditional accounting and invoice someone in March 2021, but don’t get paid until July 2021. Why would this matter? Well, if you’re getting paid for work on a monthly basis, there’s probably very little difference. If you choose to use cash basis accounting, you pay tax and claim expenses based on when the money leaves or enters your account. With traditional accounting, you pay tax and claim expenses based on the invoice or billing date. This will help you find out if you will need to look for investment or a business loan.ĭo you have a combined annual turnover of less than £150,000 and are a sole trader or in a partnership? Then you can use cash basis accounting, rather than traditional accounting. ![]() You’ll then need to think about how much of your own money you can afford to invest. However, you’ll also need to think about your personal costs, such as rent, mortgage, utility bills, childcare and food.
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