Debt Collection: Regulation

Treasury written question – answered at on 22 March 2024.

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Photo of Dan Carden Dan Carden Labour, Liverpool, Walton

To ask the Chancellor of the Exchequer, if he will bring forward legislative proposals to improve the regulation of debt collection practices.

Photo of Bim Afolami Bim Afolami The Economic Secretary to the Treasury

The Government wants to see fair treatment of individuals in problem debt, and there is a range of work underway across government and regulators to promote responsible debt collection practices.

In June 2023 the FCA, Ofgem, Ofwat and Ofcom published a joint letter via the UK Regulators’ Network (UKRN) setting out how firms in their respective sectors should support customers in financial difficulty. On 18 March 2024, the same group of regulators issued further guidance, setting out their shared expectations on firms’ debt collection practices. This is to ensure that firms support customers in debt and that firms’ collection practices are not causing harm to customers.

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