Interesting post this week by Frank Brown around the FCA data requests that we covered in the last bulletin. I have had confirmation of at least one large debt solution provider having a data request. Definitely worth a read. Frank reinforces some of my initial thoughts from the last DEMSA bulletin.
Extract
The FCA announced in March that they were reviewing firms' approaches to the treatment of vulnerable customers. The research process has started, with questionnaires going out to firms. The FCA is taking a 2-stage approach, with a Stage 1 questionnaire going out to a larger number of firms. And based on the responses, they will select firms for the more detailed Stage 2 assessment.
This is part of the regulator's data-driven approach which enables them to make better use of their resources, to target areas of greater risk.
Having seen both questionnaires, it is clear that firms definitely don't want to be going through to Stage 2. As the expectation from the FCA, as to the extent an...
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