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16 August 2021

The FCA’s Business Plan communicates the importance of firms putting consumer outcomes first by actively seeking to understand the needs of the consumers that they serve.

The FCA communicated that it has found significant problems with advice given by a sample of debt packaging firms from its recent supervision work, creating a risk of serious harm in this market. This risk outlook is aggravated by the fact that it is forecasted that there will be greater demand for debt advice including from consumers who would not have previously needed it.

The FCA announced that it is reviewing its approach to its debt advice rules and will update its expectations of debt advice services to ensure that over-indebted consumers get high-quality advice.

By Ian Beardmore

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