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Concern over 'unsuitable' debt management plans

The Financial Conduct Authority said it is unacceptable that people struggling to make ends meet are being encouraged to sign up to "unsuitable" and expensive debt management plans.

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FCA: Debt management plan fees '£25 million a year'

Research conducted by the Financial Conduct Authority (FCA) suggests outstanding UK consumer debt is estimated at £12.8-15.2 billion, and fees for debt management plans are estimated to be £25 million a year.

Christopher Woolard, director of policy, risk and research at the FCA, said:

Debt management firms must start putting consumers first.

It's frankly unacceptable that those people who are struggling to make ends meet are being talked into unsuitable plans.

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