Insolvency Practitioners' Association to regulate IVAs
The IPA is to regulate a new debt managment body called the Debt Resolution Forum
The Insolvency
Practitioners’ Association (IPA) will monitor, regulate and
accredit members of the new body that represents the biggest IVA and debt
resolution companies in the country.
At its inaugural meeting, the Debt Resolution Forum agreed to provide
training and independent regulation for its 40 members. Accountancy Age
revealed last May that the IPA was looking at ways for it
to regulate the debt management industry.
The members agreed to sign up to the body’s standards, which include measures
to make sure appropriate advice is given to debtors, fees and charges are made
transparent and advertising material is monitored.
The IPA will make an accreditation visit to all the members over the next 12
months.
‘DRF will drive professional standards, quality advice by members and
individual and fair solutions for both debtors and creditors,’ said DRF chairman
Chris Holmes. ‘Our objective is to ensure that all our members are seen as
trusted partners in the personal debt resolution process.’
Further reading:
IVA factories to thrash out regulation by
February
IPA plans to regulate debt advisers
IPA to set up regulator for debt management
firms
