[INSIGHTS] Debt Packager Regulatory Changes – Summary

Changes out last week around the regulation of debt packager firms. Speaking with Kevin Still, who has been through this in detail there are some very interesting implications of this, not just from the regulation itself, but as always the unintended consequences as a result of these changes. A key summary of questions being.

Definition of what is a debt packager - too broad or not?
An effective blanket ban on fees between debt advice and debt solution providers - What does this do for the rest of the market?
An emphasis on not-for-profit debt advice, vs free to consumer debt advice - Will this reduce the size of the debt advice market or make debt advice reliant on government funding, which may be limited, or inhouse debt solutions (where care also needs to be taken not to incentivize the wrong behaviour)
There is also wording about the transportability of advice and data - will this change some collections process dynamics too?

More to come on this, with an expanded discussion w...

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