Pdhl has been refused FCA authorisation, can no longer carry on regulated DMP activities.

[stevehatesbankers]

For anyone who have this DCA chasing you for debt, please be aware that they have been refused Authorisation to carry on Regulated Debt Management activities

[dx100uk]

Pdhl are a DMP provider

they don't chase debts

they manage them

but as with all fees paying DMP they are fleecers anyway.

 

 

can you post a link to this info please?

[stevehatesbankers]

Hi dx100uk

It was breaking news in the Financial Reporter. Below is a copy of the article.

 

The FCA is writing to 16,000 customers of debt management firm PDHL, which has been refused authorisation and can no longer carry on regulated debt management activities.

 

In considering PDHL’s application for authorisation, the FCA found evidence that the firm offered poor quality debt advice.

 

It uncovered a number of failings, including consumers being advised to enter into debt solutions that were unsuitable for their circumstances and the adequacy of PDHL’s systems and controls regarding management information and effective quality assurance.

 

The FCA was concerned about the firm’s treatment of its customers. For example, one customer called PDHL to inform them that they had lost their job. PDHL did not review the case for 2 months at which point the firm identified that the customer had negative disposable income. However, the customer’s request to reduce their minimum payment was not accepted and the customer agreed to maintain payments at the original level.

 

Another customer with a negative disposable income agreed to keep paying the minimum £30 monthly payment under their debt management plan on the basis that they would borrow money from their mother. In both cases the debt management plans failed anyway as the customers stopped making payments to PDHL within 3 months.

 

 

The FCA is currently assessing applications for authorisation from all debt management firms with interim permission. Firms that were previously regulated by the Office of Fair Trading have been operating with interim permission since responsibility for consumer credit transferred to the FCA on 1 April 2014.