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Annual Report 2015

Posted on April 26, 2016

REPORT OF CHAIRMAN

To view the 2015 report please click here Annual Report 2015

In 2015 we have seen a significant change in the operation of DEMSA in that during the early part of the year DEMSA held talks with the Debt Resolution Forum (DRF) with a view to a merger of the two organisations. In the event this did not take place but DEMSA successfully merged the operation with that of the Association of Professional Debt Solutions Intermediaries (APDSI) and as a result of the merger appointed a new Chief Executive, Kevin Still, who is well known and experienced in the consumer credit field.

Following the merger DEMSA membership has reached 70 members, spread over different classes of membership and now represents a very wide spread of activity in the market and a substantial proportion of the commercial market.

Throughout 2015 debt management companies have experienced a difficult year with the change in regulator to the Financial Conduct Authority (FCA) continuing to have a significant impact on firm’s activities.

At the end of the year no debt management company had yet received full authorisation for their activities, despite the FCA by this time being outside their statutory limit of 12 months for processing applications.