Regulatory Alerts2012-03-22
Guidelines for the Actual Manager of a Debt Collection Agency
The Norwegian Financial Supervisory Authority issued guidelines clarifying that the actual manager of a debt collection agency bears primary control responsibility for ensuring compliance with the Debt Collection Act and regulations. These duties include identifying risk areas, establishing written procedures, implementing ongoing controls over fees and client funds, and conducting regular reviews of internal processes. The authority mandates that the actual manager must be physically present at the place of business, with specific notification requirements for any changes in leadership or shared responsibilities.
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