FCA has warned full permission firms with debt adjusting or debt counselling permissions with “no debt management” limitations that they should review the limitations to check they are appropriate. It says the limitation is not appropriate for firms that, for example, settle and refinance customers’ existing debts, as this would be likely to be a “debt solution”, the provision of which can fall within FCA’s definition of “debt management activity”. Some firms may in fact benefit from one of six new standard limitations, which can limit activities to particular business (brokering of asset finance or vehicle finance, or broking unsecured loans for businesses). If firms need to change their limitations, they should apply for a VOP – FCA will process applications within 28 days and there is no fee. However, there will be ongoing compliance requirements for the new limitations.