Debt management firm PDHL has been refused authorisation by the Financial Conduct Authority (FCA) due to poor standards of debt advice and can no longer carry on regulated debt management activities. This comes after warnings from the FCA that all debt management firms with interim permission for operation must achieve a level of service that meets new authorisation requirements. These requirements have been put in place since responsibility for consumer credit transferred from the Office of Fair Trading to the FCA on 1 April 2014.
PDHL now joins over 100 other firms to have left the market since February 2015, due to failure to meet these higher authorisation standards.
Who Is Affected?
16,000 customers of PDHL will now no longer be able to continue their Debt Management Solutions with the company, many of whom have been automatically transferred to Knightsbridge Insolvency Services Limited.
The FCA has begun writing to these affected customers to inform them of the situation. In addition, all debt management firms currently awaiting authorisation from the FCA will have their applications examined, and if found to have insufficient standards of practice, will lose their authorisation to trade.
We would therefore advise all customers of debt management firms to check that their debt advice provider is fully authorised and regulated.
How WB Debtcare Help
WB Debtcare is the Consumer Debt Solutions Scotland arm of Wylie & Bisset LLP. Our Consumer Debt Solutions Scotland team operates throughout Scotland and is coordinated from our flagship office in Glasgow. We have been providing debt solutions in Scotland for over 30 years and measure the success of our debt advice in Scotland not by the ability of clients to enter a solution, but by their ability to maintain it and ultimately exit the solution – debt free.
Our debt solutions are delivered and administered in-house, enabling us to adapt our solutions to your needs, as opposed to the ‘one size fits all’ approach taken by online debt factories. Our debt management services are fully authorised by the FCA, meaning that they are regulated and appropriate for your individual debt situation.
If you are at all concerned about your current Debt Management Solution, please contact us
today for a free consultation.
Please note: if you currently have a Debt Management Solution and live in Scotland you could qualify for a Trust Deed, Debt Arrangement Scheme or Sequestration which are all statutory debt solutions offering legal protection from your creditors.
[Wylie & Bisset LLP is regulated by the Institute of Chartered Accountants in Scotland. Our Insolvency Practitioners are licensed by the Insolvency Practitioners Association, and we are proud to act as a Provider of insolvency services to the Scottish Government. We are working closely with Money Advice Scotland and subscribe to their DAS code of practice.]