IVA factories face tougher regulation over ads
The IVA factories hauled over the coals last week for broadcasting misleading radio adverts were warned they could face tougher sanctions under the industry’s new standards-setter
The IVA factories hauled over the coals last week for broadcasting misleading radio adverts were warned they could face tougher sanctions under the industry’s new standards-setter
Three IVA providers; Begbies Traynor business W3 Debt Solutions, Money Debt
& Credit and Accuma were told to either alter or stop altogether adverts
that exaggerated the benefits for individuals entering into IVAs by the
Advertising Standards Authority.
But under the IVA industry’s new regulatory arm, run by the Insolvency
Practitioners’ Association (IPA), the firms could have faced bigger penalties:
‘Where people step out of line there will be serious action,’ said IPA chief
executive Nick Sabin. ‘They could be thrown out or fined.’
The IPA runs the arm on behalf of the new IVA body, the Debt Resolution Forum
(DRF). No action is being taken by the forum’s regulators as the adverts were
run before the firms joined in November 2006.
Money Debt & Credit managing director Jon Bartman said regulation would
help people feel more comfortable about the IVA industry. The British Bankers’
Association gave its seal of approval to the increased efforts of the IVA
providers.
‘I am delighted positive steps are being taken to ensure that IVAs are
promoted responsibly,’ said BBA chief executive Angela Knight.
An IVA factory not currently part of the forum –
Debt Free Direct (DFD) – will
soon receive the findings of an audit report undertaken by an independent firm,
for the benefit of its creditor clients. DFD will not consider joining the forum
until the body finds its feet.
For more see
www.accountancyage.com/2187641
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article