Financial watchdog bans referral fees for debt packagers to help struggling consumers
Regulatory Updates | 06/06/23
The FCA is banning certain providers of debt advice from receiving referral fees from debt solution providers. The ban should save consumers struggling with debt thousands of pounds in unnecessary fees and ensure they receive better quality advice. They say it will stop the business model, which incentivises debt packagers to recommend options that make them more money rather than what is in the customer’s best interest.
Source: FCA