One thing is for certain – the collections industry is subject to rising levels of oversight by regulators with increasingly prescriptive policies impacting collections practices. There are new regulations imposed by the UK’s Financial Conduct Authority (FCA) for “Consumer Duty”, or recent “Regulation F” guidelines imposed by the US Consumer Financial Protection Bureau (CFPB) embodied within the Fair Debt Collection Practices Act (FDCPA).
Irrespective of the specific laws and regulations your organisation is subject to - and which supervisory and regulatory body oversees them - compliance with each of these regulations, their respective predecessors, and pre-existing laws and regulations can be materially improved by the features and functions of modern collections software.