The chief executive of the Consumer Finance Association (CFA), Russell Hamblin-Boone, has called for an ‘informed debate’ about the short term lending industry.
Speaking at the Insolvency Practitioner Association’s fourth annual personal insolvency conference in Manchester last week (28 November), Hamblin-Boone also outlined the monitoring process the CFA uses to maintain standards.
Hamblin-Boone, speaking in the same week the government announced caps are to be applied to the cost of credit, has agreed to examine situations where CFA members “may be accused of inappropriate lending.”
He explained: “It is important for the CFA to engage with a wide range of stakeholders about the short-term lending market.
“I was pleased to be able to share with IPA members details of how the responsible elements of our sector are driving up standards.
“If we are to develop policy solutions to the problems facing many people in financial hardship, it is crucial to maintain dialogue with insolvency specialists.
“It is very much a priority of the members of both organisations to assist people with debt problems and avoid bankruptcy wherever possible.”
The 160 attendees also heard a range of speakers tackling industry topics such as government policy, developments within the new Irish insolvency system, credit card collection strategies and new insolvency regulations in Scotland implemented on the day of the conference.