Citizens Advice publishes report on IVA adverts promoting unsuitable debt solutions
According to a new report from Citizens Advice, people in deep financial trouble are being misled by profit-making firms into unsuitable debt solutions which are often leaving them worse off. With the cost-of-living crisis pushing more people into debt, Citizens Advice has found worrying numbers of people in Individual Voluntary Arrangements (IVAs) unable to keep […]
Read MoreStepChange sees “startling” rise in demand for debt advice
More than 18,000 new StepChange Debt Charity clients completed full debt advice in January 2023, which is at least 22% higher than any single month in 2022, suggesting that more and more people are struggling with debt in the new year following almost 12 months of rising living costs. Meanwhile the Bank of England’s Money and Credit […]
Read MoreRegulation of Buy-Now Pay-Later: consultation on draft legislation
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 […]
Read MoreFCA publishes Debt Advice Portfolio letter on Consumer Duty implementation
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 […]
Read MoreFinancial watchdog proposes to ban debt packager referral fees to protect consumers
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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