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Debt management (and credit repair services) guidance Consultation

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  • Debt management (and credit repair services) guidance Consultation

    Debt management (and credit repair services) guidance

    Start date: 14 June 2011
    End date: 5 September 2011
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    Summary

    This consultation is aimed at all those with an interest in, or involved in, the provision of regulated debt counselling, debt adjusting and credit information services (including credit repair). This includes debt management companies, not-for-profit advice organisations, creditors and some lead generation and claims management companies. This consultation is also relevant to those who operate, and/or whose members operate, under cover of an OFT group licence covering the engagement in such activities, such as some insolvency practitioners (IPs), Citizens Advice Bureaux and Advice UK members. The consultation may also be of interest to trade associations, professional bodies, regulators, enforcement agencies, consumer organisations and credit reference agencies.
    The guidance update follows a review of compliance in the sector, which highlighted, amongst other things, widespread problems with misleading advertising and the quality of advice given in the fee charging sector. An updated version of the guidance, along with targeted enforcement by the OFT, is designed to address the issues identified by the review. The focus of the guidance is on increasing transparency and ensuing that consumers have all the information they need to make an informed decision about the solution most appropriate for them.
    We would welcome your views and comments on the consultation (contact details below).
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    Relevant documents


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    How to respond

    Please send responses by post to:
    Aaron Berry
    Office of Fair Trading
    Fleetbank House
    2-6 Salisbury Square
    London
    EC4Y 8JX
    Or by email to dmguidance-consult@oft.gsi.gov.uk
    After the consultation we will publish a summary of the responses received.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

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