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February 2023

Regulation of Buy-Now Pay-Later: consultation on draft legislation

27 Feb 2023 | Posted In Money advice news

On 2 February 2021, the government announced its intention to regulate interest-free Buy-Now Pay-Later (BNPL) products. The government consulted on policy options to deliver a proportionate approach to regulation in October 2021, followed by a consultation response in June 2022. The government is now consulting on the proposed draft legislation that will bring BNPL into […]

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FCA publishes Debt Advice Portfolio letter on Consumer Duty implementation

22 Feb 2023 | Posted In Money advice news

The Financial Conduct Authority (FCA) has published a “Dear CEO” letter entitled ‘Implementing the Consumer Duty for the Debt Advice Portfolio’. The letter reminds firms whose primary business model is debt advice that the Consumer Duty is a significant shift in the FCA’s expectations, bringing a more outcomes-focused approach to consumer protection and raising standards […]

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Financial watchdog proposes to ban debt packager referral fees to protect consumers

14 Feb 2023 | Posted In Money advice news

The Financial Conduct Authority (FCA) is to push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market. The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest between giving advice […]

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Bob’s Blog: MALG National Members Meeting Thursday and other news

06 Feb 2023 | Posted In Bob's Blog (MALG updates), Money advice news

2023 has got off to a flying start for MALG and our Members and plans for this year’s Autumn Conference are now well under way. Watch this space for more details soon! In the meantime…. MALG National Members Meeting this Thursday If you are a National Member and have not yet registered for this week’s virtual […]

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Business Secretary calls on energy suppliers to put consumers first

06 Feb 2023 | Posted In Money advice news

Business and Energy Secretary Grant Shapps has given energy bosses a deadline of Tuesday 7 February 2023 to report back to him on what remedial action – such as providing compensation – they plan to take should they have wrongfully installed prepayment meters in the homes of vulnerable customers. It comes in the wake of […]

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