FCA halts three debt management firms from making payments 

The Financial Conduct Authority has issued a warning that debt management customers of Gregson and Brooke Financial Services (trading as Expert Money Solutions), One Tick (trading as Debt Savers Direct and 1-Tick) and the Money Management Service should stop making payments to these firms.

Gregson and Brooke Financial Services Limited (IP reference number 638595), One Tick Limited (IP reference number 633861) and the Money Management Service Limited (IP reference number 644606) are unable to pay creditors on behalf of customers.

FCA has freezed the bank accounts of each of these firms on 29 August 2014 to help protect customers’ money. Following this action, the firms cannot make payments, which means they will not be making further payments to the creditors of their customers.

FCA is also working with the firms to ensure that payments received on or after 29 August 2014 will be refunded.

The firms also offered debt management and debt reduction services through the websiteswww.expertmoneysolutions.co.uk, www.1-tick.co.uk and moneymanagementservices.co.uk.

Moreover, FCA explains that if you have set up a standing order or direct debit you should contact your bank or building society to cancel future payments to the firms.

The regulator has asked the three firms to contact all customers by 17 September 2014 to explain what has happened and what it means for their debt management or debt reduction plan.

Customers of these firms should take action to continue repaying debts to creditors. “You may be contacted by other debt management firms offering to transfer you to a new debt management plan. You are not obliged to transfer to a new provider. Please check first that the firm is authorised by us before agreeing to transfer to a new provider”, FCA comments.

 

Source: FCA – FCA halts three debt management firms from making payments

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