Debt Management Organisations

Baroness Chalker of Wallasey Excerpts

Monday 28th July 2014 Lords Chamber

[Lord Newby]

The FCA has very considerable powers to regulate all financial services firms in this area. In the sector we are looking at, it took on responsibility earlier in the year. It has introduced stricter rules and is putting in place new authorisation processes. But if the FCA finds that despite the way in which it is tightening up its procedures, there are still significant problems in respect of cold calling, it has the powers to intervene further.

[Baroness Chalker of Wallasey (Con)]

Is it possible for my noble friend to insist that somebody who is either erroneously or speculatively called and does not want the services of a debt management organisation can dial 1471 and get the number so that we can put a stop to some of this calling? I have tried to do it; it does not work; and I am fed up with it.

[Noble Lords]

Hear, hear.