In a guest post for the Trust’s blog, FCA CEO Andrew Bailey reflects on his recent visit to National Debtline and Business Debtline in Birmingham, and expands on the regulator’s current call for input on high cost credit.
As CEO of the UK’s financial regulator, the Financial Conduct Authority, I am very conscious that the decisions we make have far reaching implications and consequences for real people. I believe that it is important for me, and my colleagues, to understand what the impact of our work is on the people who use financial services – which is pretty much everyone in the UK.
I recently spent an afternoon meeting staff at the Money Advice Trust. I listened to calls on National Debtline and Business Debtline and met with a number of front line advisers to understand the issues that they are currently dealing with. I would make a number of observations about my visit. I was struck by the dedication and focus that everyone working for Money Advice Trust brought to their work. There was a feeling from everyone I met that they were making a real difference. I listened in to several calls, each unique, and was extremely impressed by the breadth and depth of knowledge that advisers needed in order to deal with the calls. I spent some time discussing debt issues with a number of the advisers after listening in to calls and gained valuable insights into the types of cases that they dealt with on a daily basis. Read more