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DRF and DEMSA merger talks collapse - 19/10/2010
The debt resolution forum (DRF) today revealed that merger talks with rival trade body DEMSA have failed.
The industry had hoped that a merger between DRF and DEMSA would provide a solution to regulation concerns in the debt management plan industry, but these have now been dashed.
David Mond, DRF chairman, said: "We regret to announce that we today received a letter from DEMSA terminating merger discussions. DRF will continue to work for a single body to represent the fee-charging debt management industry, but not at any price.
"It is particularly disappointing, when the industry is at a crossroads, that we cannot agree to move forward to create an industry in which the debtors and creditors can have confidence.
"DRF will maintain our commitment to training, complaints-handling and standards as well as to being a robust voice for the debt resolution industry. We will welcome any company in our sector as members and will welcome a renewed approach from DEMSA at any time, but we will not lower or vary our standards in any area to achieve unity".
DRF has 40 members and has been applauded for its introduction of its advanced BTEC, the Certificate in Debt Resolution and the introduction of the industry’s first independent complaints panel and independent monitoring and audit, through the Insolvency Practitioner’s Association – with whom DRF has an exclusive agreement.
DEMSA chairman Michael Land told Credit Today earlier this month that there could not be a merger between DRF and DEMSA as they were on different footings.
Land said: "The only way anybody can be part of DEMSA is if they pass the stringent audit and regulatory code, approved by the Office of Fair Trading."
He added: "It would be like nurses wanting to join the doctors' union; they could join, but it wouldn't make them doctors."
DRF and DEMSA merger talks collapse - 19/10/2010
The debt resolution forum (DRF) today revealed that merger talks with rival trade body DEMSA have failed.
The industry had hoped that a merger between DRF and DEMSA would provide a solution to regulation concerns in the debt management plan industry, but these have now been dashed.
David Mond, DRF chairman, said: "We regret to announce that we today received a letter from DEMSA terminating merger discussions. DRF will continue to work for a single body to represent the fee-charging debt management industry, but not at any price.
"It is particularly disappointing, when the industry is at a crossroads, that we cannot agree to move forward to create an industry in which the debtors and creditors can have confidence.
"DRF will maintain our commitment to training, complaints-handling and standards as well as to being a robust voice for the debt resolution industry. We will welcome any company in our sector as members and will welcome a renewed approach from DEMSA at any time, but we will not lower or vary our standards in any area to achieve unity".
DRF has 40 members and has been applauded for its introduction of its advanced BTEC, the Certificate in Debt Resolution and the introduction of the industry’s first independent complaints panel and independent monitoring and audit, through the Insolvency Practitioner’s Association – with whom DRF has an exclusive agreement.
DEMSA chairman Michael Land told Credit Today earlier this month that there could not be a merger between DRF and DEMSA as they were on different footings.
Land said: "The only way anybody can be part of DEMSA is if they pass the stringent audit and regulatory code, approved by the Office of Fair Trading."
He added: "It would be like nurses wanting to join the doctors' union; they could join, but it wouldn't make them doctors."
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