Directors feel the heat following increased FCA scrutiny

Industry News | 20/05/19

Investigations into financial service directors’ conduct jumped by 29% in the year leading up to December 2018.

The increase from 45 investigations in 2017 to 58 in 2018 was partly driven by the Financial Conduct Authority (FCA)’s crackdown on products and services aimed at low-income customers, according to City-based law firm RPC. These firms include debt management advice companies, sub-prime lenders in car loans and other types of consumer credit.

With the FCA paying attention to unregulated products being mis-sold as regulated products (including high-risk/high-return mini-bonds), pressure is expected to increase on this area of the market.

Source: Citywire