Redundancy Assist has become the first company in the UK to receive full authorisation from the Financial Conduct Authority (FCA) to provide professional redundancy claims management services.
The responsibility for overseeing and regulating claims management in the sector moved to the FCA from the Ministry of Justice in April last year and companies in the sector have been operating under temporary permissions until full authorisation is granted.
Jenny Graham said: “We’re proud and delighted that Redundancy Assist has been the first company granted full legal authorisation to help directors through their own redundancy claims by the FCA.
“If a company closes then directors already have their hands full with all the administration and paperwork that goes along with it, as well as dealing with staff redundancies that can be especially stressful.
“What a lot of directors might not realise or may forget is that they are just as entitled to redundancy payments as any other employee of the company.
“It may be a more confusing and less straightforward process for directors, but this is where Redundancy Assist comes in.”
The business was formed directly in response to the widespread lack of knowledge and understanding of exactly what directors are entitled to if their company closes due to financial difficulties.
In most cases they will be entitled to make a claim to the Redundancy Payments Service (RPS) for redundancy pay and other payments when their employment officially ends. It is often the case, however, that directors under-value their entitlements, which can be difficult to rectify once the claim is in progress.
Redundancy Assist ensures that directors in this situation are fully aware of their entitlements, will accurately assess the value and viability of any claim to the RPS and, if instructed, will manage the whole claim process from submission to resolution and finally payment.
All dedicated Redundancy Assist case managers hold up-to-date CIPD qualifications in employment law and have strong working relationships both with the RPS and the Insolvency Practitioners they work with.