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Woolard Review - change coming?
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Some changes proposed are:
Across the UK there are multiple regulators covering different aspects of debt advice and debt solutions and it is essential that this does not lead to divergent outcomes for consumers who are in financial difficulties. The FCA, Insolvency Service and Accountant in Bankruptcy (Scotland), with support from government, must cooperate to swiftly remedy the issues that can be observed in the Individual Voluntary Arrangement (IVA) and Protected Trust Deed (PTD) market. This should include close attention to problems created by the fee structure of IVA/PTD products on debt advice and lead generators. In the longer-term, the FCA should collaborate with these bodies to create a coherent and consistent vision of the debt solution market and a plan to bring this about
Debt Relief Orders (DRO), which are only available for individuals with disposable income less than £50 a month, the fee of £90 presents a significant barrier to uptake. The expected high level of demand for debt advice in 2021 will translate into increased need for debt solutions and it is critical that people are able to access the most suitable solutions. Immediate steps should be taken to ensure that the debt solution market can support demand and barriers to access are reduced... government may wish to consider if the fee itself could be amended, waived or reduced,
https://www.fca.org.uk/publication/corporate/woolard-review-report.pdf
Across the UK there are multiple regulators covering different aspects of debt advice and debt solutions and it is essential that this does not lead to divergent outcomes for consumers who are in financial difficulties. The FCA, Insolvency Service and Accountant in Bankruptcy (Scotland), with support from government, must cooperate to swiftly remedy the issues that can be observed in the Individual Voluntary Arrangement (IVA) and Protected Trust Deed (PTD) market. This should include close attention to problems created by the fee structure of IVA/PTD products on debt advice and lead generators. In the longer-term, the FCA should collaborate with these bodies to create a coherent and consistent vision of the debt solution market and a plan to bring this about
Debt Relief Orders (DRO), which are only available for individuals with disposable income less than £50 a month, the fee of £90 presents a significant barrier to uptake. The expected high level of demand for debt advice in 2021 will translate into increased need for debt solutions and it is critical that people are able to access the most suitable solutions. Immediate steps should be taken to ensure that the debt solution market can support demand and barriers to access are reduced... government may wish to consider if the fee itself could be amended, waived or reduced,
https://www.fca.org.uk/publication/corporate/woolard-review-report.pdf
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