Change in Regulator for Debt Management Firms

April 1, 2014 No Comments

On the 1st April 2014 the Debt Advice and Debt Management industry has changed its regulator from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) and as such we are now Authorised and Regulated by the Financial Conduct Authority with Authorisation Number 640786.

We have embraced the change in regulator along with new rules dictating how debt advice and debt management firms treat their customers. This is a great thing for the industry with the aim of ensuring that best advice and service is given to clients by debt management firms at all times.

The FCA will not tolerate bad practice within the industry and companies have been warned that there will be penalties for those who do not adhere to the published rules.

This is a huge benefit to new and existing clients because it will mean they are always given the best advice based on their individual circumstances and always treated fairly whilst on a debt management plan.

We have improved our terms of business for debt management customers and have sent a copy of the new terms (issue 04/14) to all of our clients. The changes to our terms of business take effect on 1st April 2014.

If you are a client Don’t worry – you do not need to take any action, your monthly/weekly payment will not change and you will continue to receive the same service as you have had since you became a client of Humber Debt Solutions.

Should you wish to discuss the change in regulator or any other aspect of our debt advice service please contact us on 01482 585017 and we will be happy to help.