Debt advice
Debt advice

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Debt advice
  • Debt advice
  • The application of CONC 8
  • Conduct standards when giving debt advice
  • Principles for business
  • Free debt advice
  • Dealing with lenders
  • Vulnerable customers
  • Conduct standards for credit information service providers
  • Pre-contract information and advice requirements
  • More...

Debt advice

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Debt advice

This Practice Note examines the rules debt management firms must follow under Chapter 8 (Debt Advice) of the Financial Conduct Authority’s (FCA) Consumer Credit Sourcebook (CONC) when dealing with its customers. It will examine conduct standards, pre-contract information and advice requirements, debt solution contracts, financial statements, fees and charges for services, and the requirements of firms under the principles for business, fee charging and debt solutions contracts. Readers may also find the FCA's approach to arrears and default useful, contained in The FCA consumer credit regime: an overview of rules relating to arrears, default and recovery. General information on debt management firms can be found in Introduction to debt management and not-for-profit firms.

When a consumer finds themselves in arrears or default under a consumer credit agreement, it is usual industry practice for the debt to be passed by the lender to a third party debt management firm for recovery,

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