Asked by: Lord Sharkey (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government, in the light of the Financial Conduct Authority's finding that it has been carrying out consumer credit activities without their permission or authorisation, why BBCDebts.com is still active in the United Kingdom.
Answered by Lord Deighton
This question has been passed on to the FCA. The FCA will reply to the Noble Lord directly by letter. A copy of the response will be placed in the Library of the House.
Asked by: Lord Sharkey (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government, further to the answers by Lord Newby on 28 July (HL Deb, col 1409–11), whether cold callers recruiting for debt management companies are required to advise of the existence of free debt management services; if so, who is responsible for enforcing that requirement; and how many infractions have been recognised.
Answered by Lord Deighton
Lead generators for debt management firms are not subject to regulation directly, but the FCA requires regulated debt management firms that accept leads from lead generators to satisfy themselves that the business has been procured fairly and in accordance with relevant legislation, including the requirements of the Data Protection Act and the Privacy and Electronic Communication Regulations. Debt management firms must ensure that lead generators calling on their behalf make clear the identity of the firm, and the purpose of the communication, so the consumer can decide whether to proceed. Additionally, at first contact with a customer, debt management firms must signpost consumers to the availability of ‘free’ debt advice. The FCA is able to impose sanctions on regulated debt management firms, such as imposing unlimited fines and ordering firms to pay money back to customers, where wrongdoing is found.
Asked by: Lord Sharkey (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government how many visits there have been from April 2014 to the last month for which data are available to the page on the Financial Conduct Authority website listing unauthorised firms and individuals to avoid.
Answered by Lord Deighton
This question has been passed on to the FCA. The FCA will reply to directly to the Noble Lord directly by letter. A copy of the letter will be placed in the Library of the House.