+44 (0) 191 217 0775
The Credit Services Association (CSA)
Debt Management - AP04 Lapsed Firms
The following email has been received from Denise Sbraga of the Consumer Credit Department at the FCA:
Of the Debt Management Firms we have been monitoring we have listed 15 [11 in first list, four in second list] firms whose interim permission lapsed at the end of AP04. Where a firm intended to apply but did not, we understand affected clients have been written to.
We have not been reassured that the following four firms’ customers have been appropriately communicated to by these four firms in the way that we have expected from firms with lapsing permission. We are therefore concerned whether these customers have been provided by the firms with appropriate information, if any, for them to change their financial arrangements with their creditors.
We expect lenders with customers of these firms to have regard for this in their dealings with customers but see no need to report back to the FCA on this issue.
As before we would expect firms to use the FCA’s publically accessible Interim Permission Consumer Credit Register (see: http://www.fca.org.uk/firms/systems-reporting/consumer-credit-register) as part of their dealings with debt management firms.
Members should show forbearance to any customers affected, and as there has been some confusion with trading names recently, Members may wish to check the status of trading names on the DMC's website, where applicable.