IPA to set up regulator for debt management firms

IPA to set up regulator for debt management firms

Debt management firms agree to face independent regulation

The biggest debt management businesses in the UK have set-up a forum to
provide a voice for the growing industry, which will be independently regulated
by a body established by the
Insolvency
Practitioners’ Association
(IPA).

Accountancy Age had previously revealed
that the IPA had been in talks with debt management businesses in a bid to
create more regulation for the industry, which has grown
massively with the rise of struggling debt-ridden consumers.

Known as the Debt Resolution Forum (DRF), the board undertook its first
meeting on 2 November, and has set out plans for the IPA to provide admin
support for the DRF. It will also help create another organisation to audit
members’ activities.

Some 20 organisations have formed the forum, with another seven announcing
their willingness to participate.

Founder members:

A&E Business Solutions
Accuma
All Clear Finance
Baines & Ernst
Blair Endersby
Bridgestones
Brightside
Church Wood Financial Services
ClearDebt
Clear Start
Compass Debt Counsellors
Debt Advisory
Debt Clear Direct
Debt Connect (UK) Ltd.
Debtfreeme
Debt Release Direct
Debt Matters Group
Gemstone
Gregory Pennington
Haines Watts
Invocas
Lewis Alexander
Money Debtand Credit
PayPlan Partnership
Unity Debt Solutions
Varden Nuttalls
W3/Begbies Traynor

Further reading:

R3 backs call for debt management
regulation

Profile: new president of R3, Tony
Supperstone

Individual insolvencies soar

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