Trade Body Working To improve Standards

The Debt Resolution Forum (DRF) has released the criteria that will help its members to improve standards in the debt management sector in response to the recent consultation issued by the Office of Fair Trading (OFT).

The reality is that the DRF has introduced membership for lead generation companies and subsequently any company applying for membership will be monitored annually by the Insolvency Practitioners Association (IPA). This measure is already in place for member debt management companies to ensure that they adhere to the DRF’s code of conduct and will also allow those companies to source business from trusted and audited partners.

The DRF has also recognised the need to improve the Cert DR qualification by introducing annual training. The requirement for staff training has been highlighted by the OFT in the consultation paper as an area where the industry standards must improve. The professional development scheme as part of Cert DR will require licence holders to annually demonstrate a minimum standard of competence to maintain their licence.

The OFT’s consultation is as a result of its debt management review  which highlighted widespread problems in the sector and has resulted in a number of companies either surrendering or having their Consumer Credit Licence revoked after being deemed unfit to continue.

In Control Debt Solutions are currently provisional members of the DRF and are waiting for full accreditation to the trade body which will be given subject to a full inspection by the IPA.

“In Control are committed to improving standards within the debt management sector. We see that transparency of our organisation and the regular training of our employees as paramount to maintain the level of service our clients and the OFT expects.” Charles Greed Operations Director