BusinessBusiness RecoveryR3 slams cowboy advisers.

R3 slams cowboy advisers.

R3 has set up an email hotline for public complaints about unlicensed advisers, as it attempts ‘to root out both dubious debt advisers and those practitioners who deal with them. A tiny number of practitioners may be taking cases captured by these ambulance chasers,’ said R3.

Although unlicensed debt advisers can trade with a consumer credit license issued by the Office of Fair Trading, they must go through a licensed practitioner to obtain an individual voluntary agreement – the measure cowboy debt advisers attempt to sell as a magic solution.

Oldfield criticised the licences: ‘This scrap of paper is worthless,’ he said. ‘OFT licences have been held in disrepute for some time and should be scrapped in favour of proper regulation.’

R3 is also working with other bodies to develop ethical advice to help stamp out the problem.

Email hotline is at www.badadvice@r3.org.uk.

Related Articles

Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

18h Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

19h Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

3d Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

2m Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

6m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

7m Emma Smith, Managing Editor