BusinessBusiness RecoveryIVA factories to thrash out regulation by February

IVA factories to thrash out regulation by February

Debt management businesses and IVA factories to finalise regulatory standards by February

Regulation, financial training and treating customers fairly will be the
cornerstones of the Debt Resolution Forum’s agenda for the next 12 months,
according to its newly appointed chairman Chris Holmes.

The forum’s steering committee gathered together this afternoon for only the
second time since its inception in October.

Its next meeting, planned for February 2007, will formalise the body’s
regulatory
standards
. The
Insolvency
Practitioners’ Association
has provided a 20-page proposal, which a
working party for the DRF will work on
with a view to putting together a consultation document.

A consultative process will then begin, with agreed standards ready for
February.

Dozens of members of the much-maligned debt management and IVA industries are
expected to be willing to join the forum.

‘We’re aiming to have moved the industry on with higher standards over the
next 12 months,’ said Holmes.

‘Creditors are concerned about customers; we act for both sides and can see
the full picture. We want to get into dialogue with creditors about what they’re
looking for. We’re also looking to get the standards right.’

Further reading:

Debt manager shuns new insolvency
watchdog

IPA to set up regulator for debt management
firms

IPA plans to regulate debt advisers

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