Date lodged: 3 April 2019
To ask the Scottish Government what powers it has to regulate the promotion of protected trust deeds.
Answered by: Jamie Hepburn 23 April 2019
The Scottish Government has no powers to regulate the promotion of Protected Trust Deeds (PTDs) by firms or advice organisations. However, if the Scottish Government becomes aware of any promotional material that contains factual inaccuracies or misrepresentation of PTD legislation, action is taken to ensure that these issues are rectified. The Scottish Government has reported such instances to the organisations involved and content has been amended. Additionally, the Scottish Government has reported concerns over the propriety of promotional material relating to debt resolution to the Financial Conduct Authority where it has had no direct powers to intervene.