The Debt Managers’ Standard Association (DEMSA) has welcomed the stronger set of guidelines published yesterday by the Office of Fair Trading (OFT).
Following the publication of new OFT guidance on the standards it expects from businesses offering debt management advice or credit repair services to consumers, DEMSA said it had been working closely with the OFT on forming the new document.
Michael Land, chairman of DEMSA, said he was pleased to see that the provisions in this guidance demand of firms a more exacting standard of practice, which customers can have confidence in.
He added: “I am encouraged that the guidance recognises the importance of having training in place to ensure advisers are sufficiently skilled and knowledgeable to carry out their role.
“It is this concern which underpins the new professional qualification in debt advice for advisers working in DEMSA member firms, provided by the Institute of Money Advisers.”
DEMSA took the opportunity to tell the market that its members have “long been committed to raising standards” in the commercial debt management sector.
DEMSA is currently the only trade body in the sector to have received approval of its code under the OFT’s consumer codes approval scheme, although Insolvency News understands that the Debt Resolution Forum (DRF) is also going through the process to obtain a fully approved code.