The Evolution of the UK Insolvency Industry: Adapting to the New FCA Guidelines

The UK insolvency industry is undergoing quite the transformation. With the recent guidelines from the FCA, businesses find themselves needing to adapt faster than a London cabbie during rush hour.

By John T.
Posted on
October 5, 2023

The UK insolvency industry is undergoing quite the transformation. With the recent guidelines from the FCA, businesses find themselves needing to adapt fast.

Monday was a landmark day with the FCA’s debt packager referral fee ban (PS23/5) now fully operational. Amidst this industry upheaval, Bourne Global is taking the reins, partnering with elite firms and showcasing its vast expertise to navigate the sector through these changes.

Decoding the FCA's New Directives

Introduced on 2nd June 2023, the FCA's fresh directives have sent ripples across the debt packager firm sphere. From 2nd October 2023, these firms and their Appointed Representatives (ARs) are firmly prohibited from receiving commissions, fees, or any financial bonuses from debt solution providers for referrals or related services. This encompassing ban includes a range of solutions, from Individual Voluntary Arrangements (IVAs) to Protected Trust Deeds (PTDs), with certain exceptions specified in CONC 8.3.14R.

Together with a stronger focus on AR compliance, these guidelines emphasize market clarity and fairness, putting the customer's interests in the spotlight.

Bourne Global: Your Steadfast Ally in a Shifting Terrain

In this constantly shifting regulatory landscape, achieving profitability in the UK can be as tricky as maintaining an intact umbrella in a classic British storm. That's where Bourne Global steps in as your dependable companion:

Building Resilient Advice Teams:

We've carved out our reputation by assisting Insolvency Practitioners (IPs) in establishing sturdy, informed, and enduring advice teams. This ensures both compliance and premium service.

Monitoring Existing Portfolios:

Our wide-ranging services ensure that your existing portfolios transition seamlessly into the new regulatory framework.

Full-Throttle Support for New Entrants:

For those aspiring to etch their presence in this revamped regulatory scene, Bourne Global offers unmatched support, from staffing to tech solutions and all points in between.

Bourne Global's strength lies in its comprehensive engagement. From the initial inquiry to tailor-made advice, crafting meticulous proposals, and guiding you through the IVAs — we've got your back. Plus, our expertise in supervising the books guarantees smooth compliance.

With the FCA's spotlight on PERG 17.7 guidance, it's evident how vital staying authorised is in this evolving environment. As the industry dances to a renewed rhythm, partnering with Bourne Global can be the difference between mere participation and stellar performance.

Steering through the stormy seas of the insolvency industry following these updates requires foresight, innovation, and a steadfast hand on the helm. Bourne Global, backed by its rich experience and ties with leading insolvency firms, is your guiding beacon. While the waters may be choppy, with us as your navigator, you're set for a smooth and promising voyage.

A UK owned and managed BPO supporting your entire business.