The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest between giving advice in the customers best interests and recommending an option that makes the firms more money.
Following analysis of the feedback the FCA received to that consultation, it decided to gather some additional evidence from the debt packager market to supplement its existing evidence base.
A further short consultation, will allow the FCA to update its analysis of the market, by giving stakeholders the opportunity to comment on the proposed ban of referral fees and provide insight on any new developments in the market. If the proposals are implemented, the measures would end the current debt pac…
Read the full article at: https://www.fca.org.uk/news/press-releases/financial-watchdog-proposes-ban-debt-packager-referral-fees-protect-consumers