Summary
The UK Regulators' Network (UKRN) released a joint statement in March 2024, outlining shared expectations for debt collection practices across regulated sectors. Authored by leaders from the FCA, Ofgem, Ofwat, and Ofcom, the document aims to address consumer harms caused by current debt collection practices, focusing on the support and fair treatment of customers experiencing financial difficulties.
Key Points
The UKRN, including the FCA, Ofgem, Ofwat, and Ofcom, published a statement on shared expectations for supporting customers in financial difficulty.
The statement addresses consumer harms in debt collection, emphasising the need for regulated firms to adopt practices that do not cause harm to customers.
Identified harms include frequent collections communications, intimidating communication tones, and barriers faced by debt advisers.
Expectations for regulated firms include adjusting the frequency and tone of collections communications, making debt advice access clearer,...
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