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<p>The Government has fundamentally reformed the regulation of the debt management
market, transferring regulatory responsibility from the Office of Fair Trading to
the Financial Conduct Authority (FCA) a more robust and better resourced regulator.</p><br
/><p>The FCA is directing the clients of Brightsource Debt Management towards free
debt advice and is engaging with the administrator to ensure the interests of clients
are protected.</p><br /><p>The FCA require debt management firms which receive client
money for the purposes of paying off client debts to pay that money to creditors as
soon as is reasonably practical, normally within 5 business days, unless the firm
has disclosed to the client that it will hold the money for a longer period in its
terms and conditions.</p><br /><p>The FCA supervises the market; it has a broad enforcement
toolkit to punish breaches of its rules and there is no limit on the fines it can
levy.</p>
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