Nottingham based specialist debt recovery business LRC have become one of the first Debt Collection Agencies (DCAs) to be granted a licence by the Solicitors Regulation Authority allowing it to operate as a legal firm under the Alternative Business Structure (ABS) rules from 1st October 2015.
The changes in the law have been dubbed as “Tesco” law because it allows new entrants to a traditionally closed market. Experts predicted that DCAs would struggle to achieve SRA licences, but it is testament to LRC’s many years of experience in the debt recovery industry and key individuals “legal” background, that this significant goal has been achieved.
Andrew Newsome, LRC’s Managing Director says, “The granting of this licence enables us to ramp up our growth plans and ambitions for the business. We can now offer a seamless service of pre-legal collections, litigation (court action) and enforcement all under one roof without the need to partner with a third party firm of Solicitors.”