FCA announcement on Debt Help and Advice Ltd.
A Stockport debt management business, which last year had its credit licence stripped only to be rescued in a management buyout saving 100 jobs, has ceased trading leaving more than 3,000 customers in the lurch and its staff in Limbo.
The Financial Conduct Authority (FCA) has now confirmed that First Step Finance Ltd and Debt Help & Advice Ltd, along with associated business Primary Business Solutions Ltd, have ceased trading.
The regulator has urged customers to stop making payments to the companies immediately.
Commenting on the matter, David Fisher, OFT Senior Director of Consumer Credit, said: “These results are the latest in our continuing efforts to improve practices across this sector. We expect businesses in the debt management sector to behave with integrity and treat their customers fairly. They must be transparent about the service they are selling, making clear to prospective customers the costs they will incur and the risks they take. We will not hesitate to revoke the licences of debt management businesses that fail to do so.”
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