RSM (formerly Baker Tilly)
RSM is an independent firm of chartered accountants and business advisers. One of the UK’s three principal mid-market accountancy firms, it has almost 3,500 staff generating a fee income of over £300 million. It has a network of offices across the UK.
Mark Sands is a specialist in personal insolvency at the firm, and is a licenced Insolvency Practitioner (IP) with more than 25 years’ experience. Mark is also President of the Insolvency Practitioners Association (IPA).
Relieving pressure on an in-house team
One of Mark’s priorities as a personal insolvency specialist, is to identify and recover funds for creditors of individuals that have become or are becoming insolvent. A key source of potential monies is to claim for mis-sold Payment Protection Insurance (PPI). This was something that Mark’s in-house team had traditionally followed up for his clients, but with two members of staff heading off on maternity leave, Mark needed some additional support.
Having met Ferguson Financial Solicitors at an IPA event and gained a sense of their expertise in the PPI arena, Mark decided to offer them a trial.
"...the way that Ferguson Financial Solicitors approaches its work is what makes the difference”
Regular updates and insight
Ferguson Financial Solicitors were initially given a portfolio of 40 RSM cases to investigate for the feasibility of PPI claims. Unusually, instead of new instructions, these were part-completed files.
Ferguson Financial were quick to work through the portfolio, and Mark particularly valued the team’s timely updates:
“In my experience, working with an outsourcing firm usually involves frequently chasing them to find out the status of various cases. What was refreshing about Ferguson Financial is its proactive approach to reporting – we didn’t need to chase. They are a commercially focused team, so they understand how to format their reporting to meet our needs. Importantly, they are quick to clear off cases that aren’t viable for a PPI claim, which helps us process our portfolio more efficiently.”
In the six months from March to September 2015 Ferguson Financial Services generated in excess of £40,000 in PPI refunds for insolvent estates under the control of RSM. The Ferguson team are now receiving increasing volumes of instructions from RSM offices around the country.
It’s the way that you do it…
Mark appreciates the service he gets from the Ferguson Financial team and is looking at other ways that they could work together.
“I’m interested to hear about the other financial and insolvency areas that the team specialises in. They are an easy company to work with and, while there are a number of organisations that offer similar services, the way that Ferguson Financial Solicitors approaches its work is what makes the difference.”