Debt-collection agencies are set to face tougher, more intrusive and expensive regulation under plans being drawn up in Whitehall. The 500 or so firms that either chase debt on behalf of lenders or buy distressed debt seem certain to come under the remit of the new Financial Conduct Authority, currently being carved out of the existing regulatory system. Rogue operators are expected to drop out of the industry before they face disciplinary action, but responsible firms will be pleased at the prospect of a new professional respectability. Their trade body, the Credit Services Association, has been lobbying to come under the FCA rather than the Ministry of Justice, which regulates claims management firms....Read more here on this story: Financial Conduct Authority to crackdown on debt-collection agencies