Aileen Lynch: Changes to FCA debt counselling permissions

For firms involved in arranging finance

clock • 4 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA warns firms and finfluencers to 'keep social media ads lawful'

FCA warns firms and finfluencers to 'keep social media ads lawful'

Regulator sets guidance for financial services promotion

Isabel Baxter
clock 26 March 2024 • 3 min read
PA Awards 2024: Winners' photo gallery from the night!

PA Awards 2024: Winners' photo gallery from the night!

The industry's best were celebrated in London last Wednesday

Professional Adviser
clock 26 March 2024 • 1 min read
CII to reduce headcount by eight to 'deliver better outcomes'

CII to reduce headcount by eight to 'deliver better outcomes'

Part of the group’s plan to streamline processes and services

Isabel Baxter
clock 26 March 2024 • 1 min read