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Response to FCA consultation on Reviewing funding of FSCS

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It is vital that consumers are adequately protected

StepChange Debt Charity welcomes the opportunity to respond to this consultation. We are the largest specialist debt advice charity operating across the UK. In 2016 we were contacted by almost 600,000 people seeking debt advice, one every 53 seconds. In our response we:

1. Agree debt advice should be covered by the FSCS

2. Agree free firms should not pay into a funding class for this

3. Agree that negligent advice shouldn’t be covered at the moment, but argue the FCA might want to look more closely at this in future.

Contact our policy team

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2017