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Regulation of debt resolution industry ‘essential’
Monday, November 23rd, 2009The monitoring and regulation of the debt resolution industry has been highlighted as an essential practice for the coming year.
According to the Debt Resolution Forum’s (DRF’s) chairman and chief executive of debt resolution company ClearDebt, David Mond, it has been made clear by the Ministry of Justice, the Office of Fair Trading and the Insolvency Service that those in the sector must be prepared to "meet and exceed" the minimum standards of conduct.
Failure to do so, he added, could result in consequences damaging to firms and the country’s ability to help those in debt.
Speaking at the DRF’s annual conference, Mr Mond went on to note that accreditation visits from the Insolvency Practitioners Association are due to start in January 2010.
This comes after a recent statement from Deloitte suggested that personal insolvencies look set to exceed 30,000 once again by the end of 2009, as more people on low incomes declare themselves bankrupt.
By Sarah Adie
