FCA Mulls Ban On Referral Fees For Debt Advice Firms

By Lucia Osborne-Crowley (November 17, 2021, 12:42 PM GMT) -- The U.K.'s financial services regulator said on Wednesday that it is considering banning debt advice providers from profiting from referrals, in a bid to eliminate a business model that it says creates a conflict of interest that is harming consumers.

The City watchdog is proposing new rules to prevent debt packager firms from receiving referral fees in return for sending customers to certain services. (Getty Images) The Financial Conduct Authority is proposing new rules to prevent debt packager firms — which provide debt advice and refer customers to other services that can provide debt solutions — from receiving referral fees in return for...

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