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04 Oct 2006
Business recovery body R3 has thrown its weight behind the Insolvency Practitioners Association's plea to be able to regulate debt management companies.
R3 president Tony Supperstone has welcomed the IPA's plan to regulate the growing debt management industry, following fears that they some might miss-sell plans to debt-laden clients.
'We are urging the regulation of debt management companies to ensure that members of the public are fully aware of all the options, be it a debt management agreement, IVA or indeed bankruptcy,' said Supperstone.
R3 would also like to see separate authorisation to regulate the entrepreneurs behind the large IVA providers, as they are not currently regulated to the extent of the insolvency practitioners administering the IVAs, Supperstone added.
The use of debt management agreements, IVAs and bankruptcy proceedings have leapt in recent times due to the level of UK consumer debt, estimated at one trillion pounds on loans, credit cards and mortgages.
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