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Debt Counselling
Debt Counselling
Some confusion arose as a result of the relevant legislation (such as s21 FSMA) referring to “investment activities”, and whether this included debt counselling. Subsections 21(8), (9) and (15) give the Treasury power make orders defining the scope “investment activities” for the purposes of FSMA. In consequence of paragraph 5B, Schedule 1, Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (“FPO”) “debt counselling” is treated as falling within the definition of “investment activity”:
5B Debt-counselling
Advising a borrower about the liquidation of a debt due under a relevant credit agreement is a controlled activity.
Advising a hirer about the liquidation of a debt due under a consumer hire agreement is a controlled activity.
- Heading
- Introduction
- Procedural matters
- The law
- The Register
- FCA Handbook
- High level standards
- Specialist sourcebooks
- Other Guidance
- Requirements
- Debt Counselling
- Background facts
- Screenshots of these websites were included in the Hearing Bundle
- The Tribunal’s jurisdiction
- Submissions
- Mr Fell submitted that Wilson demonstrated the importance of consumer protection as a matter of public policy, and that similar important concerns arise in this case
- Discussion
- Further observations
- Conclusions