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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.
Start date: 14 June 2011
End date: 5 September 2011
Content on this page ...
Back to top
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
- Consultation document Debt management (and credit repair services) guidance (pdf 866kb)
- Press release Revised debt management guidance published (10 June 2011)
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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.
