For press enquiries please contact the DEMSA Press Office:

Wendy Harrison - HSL
0208 977 9132
wendy@harrisonsadler.com

HUBSOLV JOINS DEMSA AS ASSOCIATE MEMBER

October 26, 2015 Comments Off on HUBSOLV JOINS DEMSA AS ASSOCIATE MEMBER

Debt Management & Insolvency systems specialist provides members with access to leading edge browser based cloud software.

Leading Debt Management & Insolvency software solutions company, HubSolv, has signed up to DEMSA as an Associate Member.

As Kevin Still, CEO of DEMSA explains, the addition of this technology company as an Associate Member extends the range of expertise available to the debt advice and debt solution companies that are full and affiliate members of the Association. “Our goal at DEMSA is to partner with Associate Members that help our Member companies to operate best practice, using compliant systems and processes.

“The FCA Thematic Review into the quality of debt advice, published in June 2015, not only looked at the delivery of advice but the systems & controls in place to be able to deliver the right outcomes for indebted consumers. Recruiting Associate Members like HubSolv is, therefore, an important part of what we can deliver to our Members to help them comply with FCA regulations. It is also important for system and software providers to be aware of the challenges facing our members and to incorporate the appropriate level of functionality and non-functional aspects, like data security, into their platforms.”

HubSolv was formed in 2014 by two credit industry professionals who recognized the constant battle to bridge systems and processes together to qualify and manage personal insolvency and debt management cases. With a focus on taking the dependency on paperwork out of the relationship between people struggling with debt and creditors and insolvency practitioners, HubSolv creates a command centre for insolvency and debt management companies to effortlessly interact with creditors and debtors and progress cases painlessly and efficiently.

With more than 50 debt solution member firms, including personal insolvency specialists, DEMSA represents over 300,000 DMPs, amounting to well over 2 million credit agreements and billions of pounds of debts under management. There is also a growing number of Associate Members, including compliance, training, specialist insurance brokers (e.g. PII cover) and specialist software providers.

Associate Membership is applicable for a variety of companies that support the debt and insolvency sector, including technology and systems providers and training specialists. Associate Membership starts at £250 per annum.

DEMSA AND APDSI MERGER ANNOUNCED – KEVIN STILL APPOINTED AS CEO

August 21, 2015 Comments Off on DEMSA AND APDSI MERGER ANNOUNCED – KEVIN STILL APPOINTED AS CEO

20th August 2015 – The Debt Managers Standards Association (DEMSA) and the Association of Professional Debt Solution Intermediaries (APDSI) have today announced the merger of their debt solution trade associations. The strategic move creates an association of more than 40 debt management firms and a number of insolvency specialist and support providers to the sector.

The merged association, which will operate under the DEMSA brand, has appointed industry veteran, Kevin Still as CEO.  Under his leadership it will show continued commitment to supporting members of all sizes as well as the individuals who use their services.

The merger creates a stronger association that aims to promote the value of the paid for debt solution sector and pro-actively raise standards through member participation, to deliver positive consumer outcomes. As a result of the merger, DEMSA now represents more than 300,000 Debt Management Plans, amounting to over 2 million credit agreements. In addition, the combined association represents over 40 debt management firms across all legal jurisdictions and a number of insolvency firms and specialist business support associate members.

Kevin Still, MCICM, has been a principal trainer for DEMSA and APDSI over the last 18 months, giving him a strong understanding of both organisations. In his new role as CEO, he will work closely with the applications, supervisory and enforcement teams at the FCA alongside other regulatory bodies, trade associations and industry influencers. The merger will also see the expansion of the board to represent a cross-section of the expanded membership base

“This is a strategic merger of two associations to create a DEMSA that can best represent our members and support higher standards for the benefit of the credit sector and the public alike,” explains Kevin Still, CEO for DEMSA. “We have used the recent FCA Thematic Review on the suitability of debt advice as a major driver to improve industry standards.

“One of the overriding strategic imperatives is for the merged association to represent a true industry voice and provide a genuine conduit with the primary sector regulators and ombudsmen, notably the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS).

“This merger comes at a critical stage for the majority of members, where most have applied for full permissions with the FCA and are now subject to supplemental information requests and visits. We want to take advantage of the FCA information requests to members from May 2014 onwards, in order to establish a meaningful data gathering initiative to assist lobbying, promotion, creditor initiatives and responses to current regulatory consultations.”

Richard Wharton, General Secretary for DEMSA, adds: “This is an exciting merger, which brings together two established and respected organisations and combines that expertise and influence for the benefit of its members.

“With Kevin Still at the helm, DEMSA is set to tackle the challenges facing our industry and encourage higher standards that give the public and the credit industry confidence in the debt management sector. One of our key objectives is growing the membership base in terms of volume of members and commercial debt solutions. This will be supported by a major commitment to accredited training, in association with the IMA and through DEMSA’s CPD programme for members.”

For further press information, please contact the DEMSA press office at HSL:  Wendy Harrison – 0208 977 9132.  wendy@harrisonsadler.com

FCA Thematic Review: Quality of debt management advice

June 25, 2015 Comments Off on FCA Thematic Review: Quality of debt management advice

The Financial Conduct Authority (FCA) today released their thematic review of the debt management sector.

You can view the full document by following the link below:

http://www.fca.org.uk/news/tr15-8-quality-of-debt-management-advice

The General Secretary of DEMSA, Richard Wharton gave this response:

“DEMSA welcomes the publication of the Quality of Debt Management Advice report by the FCA and considers that any action which will improve or help vulnerable consumers in dealing with their problems is welcomed.”

“DEMSA and its members take the implications and content of the report seriously and will continue to work with the regulator to ensure full authorisation of their businesses.”

“In the report the FCA considers that Debt Management firms that meet their standards (whether fee charging or free to customer) can provide a valuable service to consumers struggling with debt. DEMSA members are committed to meeting the Principles for Business as set out in the FCA Handbook and will continue to strive to meet these exacting standards and to provide vulnerable consumers with a fair and valuable service.”