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Debt Management Firms Still Failing Consumers

Posted on 1 July 2015

According to the Financial Conduct Authority (FCA), Debt Management Firms are still failing Britain's most vulnerable.

Comments of particular note are:

  • firms are failing to adequately assess customer's financial circumstances before recommending a course of action  
  • firms not making clear the type of service they provide and that free advice is available
  • vulnerable customers encouraged to purchase products ans services which were not suitable and impeded their ability to repay their debts 
  • Most telling is the statement "We found the quality of advice provided by some fee-charging debt management was unacceptably low"

Read the full article at the FCA's website.  

For appropriate advice, both directors and individuals should speak with properly qualified insolvency advisors.

Speak to our experts at Byrne Associates, Bristol on 01275 464 038   

 

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