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FCA Acts Against Debt Firms Failing Vulnerable Consumers

Law360, London (March 15, 2019, 2:12 PM GMT) -- The Financial Conduct Authority said Friday it has started supervisory action against two debt management companies with “unacceptably poor standards,” after a review of the sector revealed one of the firms had put an 87-year-old widow on a 95-year repayment plan.

The two small debt management firms, which it would not name, were collecting payments from vulnerable consumers that they could not afford, the City watchdog said. The findings are part of the FCA's review of the debt management sector after an initial probe in 2015 found significant concerns with the quality of advice that commercial providers were giving consumers....

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