25 June 2015
In response to the release of the Financial Conduct Authority’s (FCA) thematic review of the debt management sector, Mike O’Connor, chief executive of StepChange Debt Charity, said:
“Today’s findings represent a wake-up call for the whole debt management sector. I welcome this report and it takes us another step closer to a debt management sector that consistently works in the best interests of people struggling with debt.
“As the FCA makes clear, debt management organisations can provide a valuable service to customers struggling with debt. But in order to ensure that financially vulnerable people get the right advice and support, firms must meet the FCA’s standards. We are committed to meeting those standards and delivering high-quality and independent debt advice.
“We welcome the FCA’s support for a review of the legal framework for debt-administration. We have long called for better protections for people affected by debt and we look forward to working with government and regulators to deliver better outcomes for those in financial difficulty”.