BusinessBusiness RecoveryBankers to draw up industry standards with IVA groups

Bankers to draw up industry standards with IVA groups

British Bankers' Association announces plans to join forces with anti-bankruptcy experts to devise a rulebook for the booming IVA industry   

The British Bankers’ Association
and representatives of the IVA industry are teaming up to draft a standardised
rule book to ensure debt practitioners  are operating on a level playing field.

Concerns were raised in relation to the advertising of services and
the differing standards of advice that customers could expect from industry
participants, which prompted the move.

Banks have alleged that some IVAs have been mis-sold and the ramifications
not fully explained, The Daily
Telegraph
reported.

In addition to the customer advice guidelines, the new code will also focus
on making related charges and fees for IVAs more transparent.

In a statement, BBA said: ‘The BBA and registered IVA providers have also
agreed to set up a register of responsible insolvency practitioners who
subscribe to the code, so customers can choose debt advisers with confidence. It
is hoped the Code will be in place by Easter 2007.’

Related links:

HSBC warns on rising insolvency
figures
 

Half empty: the effect of bad debt 

IVA factories come under fire

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

3d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

3d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor