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DEMSA comments on Government’s response to Debt Management report

Posted on June 20, 2012

Commenting on the Government’s response to the BIS committee’s Debt Management report, Melanie Taylor, Director of External Relations at the Debt Managers Standards Association (DEMSA) stated:

“We welcome the Government’s response published this morning, which references the on-going work of the sector in agreeing a Debt Management Plan Protocol. DEMSA is centrally involved in these discussions and will continue to work with the Government and other stakeholders to ensure we are improving consumer standards across the debt management sector. As the leading trade body in the commercial debt management sector, DEMSA has been committed to high and rising standards since its inception in 2000, and its members operate under an OFT-approved Code of Conduct.

“The Government also confirmed today that the future of this Code will sit with the Trading Standards Institute, which will operate a portal for the public to access details of businesses operating under a code-approved scheme. We welcome any measure that increases the public’s awareness of the businesses that are code-approved, which exists to allows consumers to choose organisations offering higher levels of customer service.”
Melanie Taylor added: “DEMSA is particularly encouraged by the Government’s recognition that considerable consumer detriment can occur in allowing firms to continue taking on new business, whilst appealing the revocation of their consumer credit licence. DEMSA has long campaigned for a faster appeals process and the prevention of firms taking on new business when placed under a Minded to Revoke (MTR) notice by the OFT. We hope that the Government will give serious consideration to these points in its announcement this summer.”