Guidance on advertising, marketing and debt advice

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.