Media comment: FCA Announcement on Debt Management Firms

Thursday 10 March 2016

Caroline Siarkiewicz, Head of UK Debt Advice at the Money Advice Service, comments on the FCA’s announcement about debt management firms:

“We support the FCA’s increased scrutiny of debt management companies, bringing greater accountability and making sure all providers meet the same standards of advice delivery and protecting consumers.

“PDHL are no longer able to carry out regulated debt management activities which means that some people will no longer be able to repay their debts using their services. We want these people to know there’s no need to worry. We can help you get free debt advice now so you can keep up with the good work you’ve already done to take control of your debts and make sure your repayments stay on track. We are working with a range of partners including StepChange and Citizens Advice who will help you look at all your options and check that staying in a debt management plan is still the best option for you. They can also help you decide what to do next. Simply visit www.moneyadviceservice.org.uk/debtmanagement or call 0300 330 2222 for more information.”