Regulatory Alerts2023-02-01
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PS23/5: Debt Packagers: Feedback to CP23/5 and final rules
The document imposes a ban on debt packager firms receiving any commission, fee, or financial consideration from debt solution providers for referring customers. This prohibition applies to existing firms starting 2 October 2023, while new entrants and newly appointed representatives are subject to the ban with immediate effect from 2 June 2023. The rules also require principal firms to take all reasonable steps to ensure their appointed representatives do not receive such remuneration unless they are genuinely acting as debt management firms.
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