Cabot Credit Management Achieves FCA Authorisation
First large UK credit management company is granted authorisation
11 March 2016 – Cabot Credit Management Ltd (CCM), the UK’s leading credit management service (CMS) provider is delighted to announce that it has been granted FCA authorisation.
Ken Stannard, Group Chief Executive Officer, Cabot Credit Management, said: “We have been working closely with the FCA from the onset and we are delighted, to be the first of the larger CMS providers in the UK to be authorised.
“We have always strived to have a professional and compliant approach to our business, and to ensure the customer is the focus of everything we do. Our authorisation will give our creditor clients further confidence in their outsourcing, contingency and debt sale strategies.”
Bennedetta Peto, Chief Conduct and Risk Officer, added: “Achieving FCA authorisation is a great milestone, but we recognise that this is only the first step. We are fully committed to take the learnings from this authorisation process forward to further enhance customer outcomes and experiences.”
In the UK CCM continues to grow each of its four distinct businesses namely debt purchase from Kings Hill, legal services from Worthing, and contingency collection and business process outsourcing from Brackley.
About Cabot Credit Management
Cabot Credit Management is a market leader in credit management services including debt purchasing, contingency collections, business process outsourcing and litigation. The Group encompasses four UK businesses namely including Cabot Financial, dlc, Apex Credit Management, and Mortimer Clarke Solicitors (a specialist litigation law firm, authorised and regulated by the Solicitors Regulation Authority) and two European businesses Cabot Financial Ireland and Gesif.
As of 30 September 2015, the combined Cabot Credit Management group has invested £1.7 billion in acquiring portfolios with a Face Value in excess of £16.0 billion. CCM has an ERC (estimated remaining collections) of £1.9 billion. It manages in the region of £1 billion of assets on behalf of clients, collects over £35 million per month on portfolios it either owns or services on behalf of clients, and has delivered a consistently strong financial performance, having grown its business in each of the last 16 years without exception.
The group, which has purchased over 7 million customer accounts, employs approximately 1300 people with offices in Kings Hill, Brackley, Dublin, Worthing, Madrid, and London. The company prides itself on its ethical values, customer service and high standards. It has an impressive list of accolades including:
· Investors in People Gold and Champion awards
· Treating Customers Fairly Award 2015, Credit Today
The controlling shareholder of Cabot Credit Management is Encore Capital Group, an international speciality finance company providing debt recovery solutions. The remaining equity is held by a fund advised by J.C. Flowers & Co., in addition to company management.