To ask the Chancellor of the Exchequer, what recent steps he has taken to (a) reform and (b) tackle widespread corruption in the debt collection industry.
11 March 2019
The government transferred the regulation of debt collection industry acvtivity to the Financial Conduct Authority in 2014. FCA regulation of debt collection agencies (DCAs) provides strong protections for consumers.
In particular, DCAs under FCA regulation have to comply with the FCA’s high-level principle to treat customers fairly, offer appropriate forbearance, and signpost individuals to free, impartial debt advice should a consumer be in default, or in arrears difficulty.