NPA Update

02/07/2025

This communication is being sent as a polite reminder to all members in an effort to maintain the reputation of the industry in the market and from the regulator’s perspective.

Policies and Procedures

A reminder to all members to regularly review your policies and procedures, we recommend at least once each year. In addition, we recently advised members that we changed our accountancy firm, as a result the NPA contact address has been updated. We recommend that you review your complaint policies and check that the NPA address has now been changed.

Anti-Money Laundering (AML) Process

As members are regulated by the FCA we recommend that your AML processes and procedures are reviewed at least annually and maintain the best AML practices. The International Compliance Association (ICA) provides access to a practical, introductory course providing a solid understanding of core money laundering and terrorist financing risks, “ICA Certificate in Anti Money Laundering”, please see ICA Certificate in Anti Money Laundering | Level 2 Introductory Qualification. We would recommend that members seek to ensure that all employees to complete such training if they haven’t already done so.

Association Rules

We expect our members to be up to date with the NPA Rules and Code of Professional Standards within the Rules, and anticipate this is the case, however we would like to share a polite reminder on the following points:

  • Rule 10.2.2: a member shall not by any unfair or unprofessional practice injure the business, reputation or interest of any other member of the Association. Examples of unfair or unprofessional conduct include ‘canvassing’ off premises and visiting a store with a customer of that particular pawnbroker store to switch a balance over to their store

 

  • Rule 10.2.6: a member shall, at all times, seek to avoid conflicts of interest and shall make prior voluntary and full disclosure to all parties concerned of all matters that may arise to any such conflict. Where a conflict arises a member must withdraw prior to the work commencing.

 

  • Rule 10.2.8: a member shall promote and seek business in a professional and ethical manner.

 

  • Rule 10.2.11: a member shall have due regard for, and comply with, all the relevant laws of the country in which they are operating.

Thank you for taking the time to read this bulletin, if you have any questions, you can contact Sonia at sonia.sahota@thenpa.com.