On 20 March, the Financial Conduct Authority (FCA) produced a regulatory publication to inform firms that held 'debt counselling' activity they are likely to hold the incorrect limitation, writes Aileen Lynch.
Until this point, the limitation ‘limited to counselling not debt management' was the only one the regulator would have previously approved. The FCA has now, however, confirmed that when a firm re-brokers existing credit into another credit agreement - for example, re-broking a commercial buy-to let-mortgage - it will need to change the existing limitation for debt counselling on its permission, as this is now classed as a debt management solution. In addition to the publication referred to above, the FCA will be corresponding with all firms that have this permission and will offer fi...
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