Financial Company Regulation

[uber]

Seeing a lot of companies like this pop up https://tinyurl.com/vssvfvyn who are all over tiktok.

How regulated is this market, are they simply packaging the required info and referring to a larger player

[FatboyKim]

It's kind of difficult to actually find what the company does, the website is absolutely horrendous. A financial services company would have to be registered with and authorised by the FCA, but this isn't a financial services company. The FCA register is very transparent and easy to use, and I'm not going waste my time searching it to find this company. Spoiler alert... they won't be on it.

First words on the homepage:
'We leverage the use technology to help us help you no matter where we are'

They will probably get an introducer's fee from sending your details to a larger regulated debt management firm.

[HappyMidget]

Also from their page:

"Although our services are free to use, we’ll be paid for introducing you or for the preparatory work we do if you decide to use the third-party provider we refer you to. Some debt solutions will require a fee to be paid upfront or on an ongoing basis."

[uber]

FatboyKim said:

It's kind of difficult to actually find what the company does, the website is absolutely horrendous. A financial services company would have to be registered with and authorised by the FCA, but this isn't a financial services company. The FCA register is very transparent and easy to use, and I'm not going waste my time searching it to find this company. Spoiler alert... they won't be on it.

First words on the homepage:
'We leverage the use technology to help us help you no matter where we are'

They will probably get an introducer's fee from sending your details to a larger regulated debt management firm.

That's what I thought, seems they package the deal then sell it on but I would have thought there would still be a FSA step involved even if referring the case

[FatboyKim]

Seems more just like a lead generation company really. Nothing financial at all, they'll just sell leads on to financial service or debt management companies who will then contact the person who has left all their details.

[uber]

FatboyKim said:

Seems more just like a lead generation company really. Nothing financial at all, they'll just sell leads on to financial service or debt management companies who will then contact the person who has left all their details.

The seem to be doing some of the groundwork, they have a pretty big call centre and Trustpilot reviews seem to show work being done inhouse

[FatboyKim]

Anyway, why are you worried? How much money have they done you for?

[uber]

FatboyKim said:

Anyway, why are you worried? How much money have they done you for?

Ha, I might just want to replicate some of the action lol

[22s]

Lead generation for debt counselling/advice services is an exempt activity and falls outside the FCA regulatory perimeter.