The Debt Managers Standards Association (DEMSA) today announces a new agreement in principle which will see the Institute of Chartered Accountants in England & Wales (ICAEW) undertaking the monitoring of new and existing DEMSA members.
As part of the agreement, ICAEW will carry out initial assessment reviews and ongoing annual reviews to confirm prospective and existing members of DEMSA are adhering to and are compliant with the DEMSA Code of Conduct.
The Code of Conduct, which is approved by the OFT, sets guidelines for DEMSA members in areas such as compliance, customer service, marketing and communications, training and complaints handling. Members are expected to provide services of the highest standards in which the public and the credit industry can have confidence, and to provide a high level of protection to the consumer.
DEMSA has long been committed to raising standards across the fee charging debt advice sector. As well as working closely with the OFT to lead the drive towards higher standards, DEMSA recently introduced a more robust complaints mechanism for clients by appointing ex High Court judge, The Hon Sir Harry Ognall, DL to chair its Disciplinary Panel. DEMSA has also worked with the Institute of Money Advisers (IMA) on a new professional qualification in debt advice for advisers working in member firms.
Michael Land, Chairman of DEMSA commented: “All our new and existing members are already subject to a rigorous audit process however, we believe that by appointing the premier accountancy body in the UK we are further increasing consumer and industry trust in our members. As the principal trade body in the sector, DEMSA members are at all times required to provide informed, clear and appropriate advice and to manage their client affairs with which they are entrusted to the highest standards.”
David Blocksidge, Deputy Director in the OFT’s Consumer Credit Group said: “DEMSA has an OFT approved Code of Practice for its members to abide by and we welcome DEMSA’s approach to work with the ICAEW to help improve and maintain standards in the fee charging debt management sector.”
Vernon Soare, Executive Director, Professional Standards at ICAEW said: “ICAEW is widely recognised for its monitoring expertise across a number of important sectors. We are already actively involved in the personal debt solutions sector through our existing monitoring of our own members, a number of whom are also members of DEMSA. We are pleased to be working with DEMSA to support its strategy of ensuring its members operate to the highest standards.”