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UK FCA warns debt management firms over annual reviews

The U.K.'s Financial Conduct Authority has written to CEOs of all debt management firms to remind them of requirements to carry out proper annual reviews of debtors' management plans, it said Dec. 8.

Some firms are failing to comply with rules, which call for companies to take reasonable steps to encourage debtors to engage with payment plans and to ensure their information is as up to date as possible, the FCA said, warning that it could take further action if firms fall short of standards.