North West law firm awarded FCA approval

A Liverpool and Manchester- based law firm has become one of the first law firms in the UK to secure authorisation for its operations from the Financial Conduct Authority (FCA).

Following the financial crisis, any business offering financial services or advice must be regulated by the FCA, formerly the Financial Services Authority (FSA), and has put in place stringent policies and procedures to protect customers.

Bermans' litigation team provide advice in a range of areas including finance, business and personal dispute resolution, property and construction, intellectual property and copyright infringement, and debt recovery.

In October 2014, the SRA said that firms conduct consumer credit work may have to be authorised by the FCA under new proposals.

At the time, the SRA's executive director for policy, Crispin Passmore, commented: "Consumer credit regulation is a complex matter. It is vital that clients receive the proper protections and the FCA are much better placed to regulate these activities than we are."

Partner and head of litigation Nick Harvey (pictured) said: "We are nationally renowned for our niche invoice and asset finance offering and act for a number leading industry manufacturer motor finance providers. For us to continue to operate in this sector it was important for us to move swiftly to gain this accreditation.

Harvey commented that while obtaining the necessary authorisation was a "tough process" it will provide them with an edge over their competitors.

The FCA authorisation comes on the back of a strong 12 month period for the finance and litigation teams, which has seen turnover increase by 20 per cent on the previous year's figures.

"Our growth looks set to continue in 2015. We are already in the final stages of several tenders which will we are confident will further boost our client base," added Harvey.