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
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.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies