Regulatory Alerts2021-12-22
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CP21/30: Debt packagers: proposals for new rules
The Financial Conduct Authority proposes new rules to ban debt packagers from receiving referral fees from debt solution providers, aiming to end the debt packager business model. This prohibition targets authorized commercial firms and appointed representatives that act as debt packagers, addressing conflicts of interest where remuneration is generated primarily from referrals for Individual Voluntary Arrangements and Protected Trust Deeds. The consultation seeks comments on these proposals by 22 December 2021.
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