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READ MORENo more referral fees for debt advice: FCA
The Financial Conduct Authority (FCA) will no longer allow debt advisers to charge fees for referring consumers to debt solution companies.
Providers of debt advice will no longer be able to receive referral fees from debt solution companies, BBC News reports, citing an average fee in 2019-20 of £940 for an individual voluntary arrangement referral.
“The FCA said it had seen evidence of debt packagers appearing to manipulate customers' details so that they meet the criteria for IVAs and using persuasive language to promote products without explaining the risks involved,” BBC News reports.
“In some of the worst cases identified, the FCA found evidence of customers in financial hardship who were recommended solutions which caused more problems.”
Firms currently charging referral fees have until October to stop doing so, while new debt packager firms will be banned from charging referral fees immediately.
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