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Butterworths Financial Regulation Service is written by a team of experienced and well known authors comprising practising lawyers, regulators and academics, and provides detailed, authoritative analysis and clear, practical guidance on the UK financial regulatory system. covering the general principles and rules of financial regulation, as well as an indepth look at specific types of regulated business.
In this excerpt from the Financial Regulation Service October Bulletin (FinReg Bulletin No. 141) Victoria Raffe, Director of Authorisations at the FCA, comments on how debt management firms will be assessed, particularly those that pose a higher risk to consumers:
‘These firms are advising consumers who have often reached rock bottom, so it’s important that firms get it right. Many firms are falling well short of our expectations and they will need to raise their game if they want to continue operating.’
The process for authorisation will be more rigorous than the previous Office of Fair Trading licensing regime. The emphasis is on creating a sector that works well for both firms and consumers. The FCA expects all debt management firms to meet required standards, including:
The FCA has conducted targeted firm visits and has found that many debt management firms are failing to adequately follow the consumer credit rules brought in to provide additional protection for consumers in April.
The application periods for firms with interim permission starts in October 2014.
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