FSA takes action against misleading debt advisers

15 Apr, 2011

It has been announced today that the Financial Services Authority (FSA) has closed down four financial companies that were found to have misled people in debt.

Bankruptcy Ltd, Intl Marketing, UK Bankruptcy and UK Mortgage Link have all lost their consumer credit licences, after the FSA said that customers might have been mis-sold IVAs (insolvency arrangements), after being sent unsolicited letters and given low quality advice.

A spokesman from the financial services regulator said:”The mailings sent suggested that bankruptcy may be a better option for consumers, when this may not have been the case.

“Consumers accepting the advertised services would have had to pay additional fees to switch to a different debt solution that may not have been in their best interests.”

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