The Insolvency Service published guidance on monitoring insolvency practitioners relating to advertisements, marketing and debt advice on Friday 5 February 2021.
This guidance follows on from several instances of lead generators, and to a lesser extent, Financial Conduct Authority (FCA) regulated debt packagers using potentially misleading advertisements to draw consumers to engage with them.
The guidance outlines:
- The Insolvency Code of Ethics and steps an Insolvency Practitioner must consider;
- Reporting procedures for complaints involving both unauthorised debt advice lead generators and FCA regulated debt packagers;
- The regular monitoring activities from Recognised Professional Bodies in response to this area; and
- Subsequent enforcement.
Further details can be found on The Insolvency Service website.