The FCA reviewed the debt management market in 2015 and found a variety of issues that caused concern. It is now looking to focus its resources on this sector as it is mindful it includes some of the most vulnerable consumers.
The FCA has recently published a new webpage on its website relating to debt management plans. The regulator is conscious that a number of debt management firms are leaving this sector and as such this may affect consumers with debt management plans. All debt management firms have been contacted and reminded that they must contact the FCA if they are planning on selling their customers’ details or contracts to another debt management firm.
In another new webpage, consumers who need advice on the debt management plans have been signposted to the Money Advice Service.