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|OFWAT to remove FCA regulation requirement from its debt collection guidelines|
|Wednesday, 26 August 2015|
Following recent calls for change from the Credit Services Association (CSA), OFWAT, the water industry regulator, has been working with specialist water debt collection agency and CSA member Orbit Collections Group to amend its current guidelines to protect consumers who may otherwise have been impacted by obliging water companies to only use agencies that were FCA regulated.
This is despite the fact that specialist collection agencies working in the misleadingly-titled ‘non-regulated’ sector do not fall within the FCA remit which is reserved for those involved in the collection of financial services debt (debt relating to the Consumer Credit Act).
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