89 debt management firms in limbo over FCA authorisation

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89 debt management firms in limbo over FCA authorisation

This is a duplicate of the Blog Entry made on: 20th July 2016 13:06

A total of 89 commercial debt management firms are still waiting to find out if they will be given full authorisation from the Financial Conduct Authority (FCA). The figure was revealed today (July 19) during a Q&A session at the regulator’s annual general meeting, in which Jonathan Davidson, head of supervision at the FCA, answered questions over the authorisation process for consumer credit firms. He told delegates at the event that the FCA was still working with 89 commercial debt advice companies to determine the outcome of their applications. Davidson also said that 293 debt adjustment or debt advice firms had made applications for full authorisation. Of these, 120 firms withdrawn their application after realising they would not be successful. Some 13 companies had their applications refused outright. A total of 39 debt counselling organisations have had their applications approved. At the FCA’s meeting Davidson said: “The authorisation process is an important tool to ensure we have very high standards. For many firms, when they first become authorised, it’s very important at that stage that we use those opportunities to set high standards.....SOURCE HERE