Frequently Asked Questions at Restons Solicitors

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Doesn’t Restons Solicitors need to be regulated by the FCA to collect debt?

Restons Solicitors Limited is a firm of solicitors who specialise in providing debt recovery litigation services.

As a result of a change in the law in 2015, the type of work we undertake is no longer a “regulated activity” as defined by Article 39(f) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, commonly known as the “RAO”.

Prior to 2015, the RAO initially provided that “debt collection” was a regulated activity, hence Restons held an Interim Permission from the FCA and this was recorded on the relevant register maintained by the FCA.

However in 2015 the RAO was amended so that “debt collection” undertaken by solicitors was no longer an activity which is regulated by the FCA. The change was introduced by a statutory instrument - The Financial Services & Markets 2000 (Miscellaneous Provisions) Order 2015/853. The fact the register shows our Interim Permission has lapsed reflects the fact that we no longer require permission from the FCA. It does not mean that we are carrying out a regulated activity without authorisation from the FCA.

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