Michael Land, Chairman of DEMSA, has commented on the publication of the regulator’s new, stricter guidance. He said: “I am pleased that the OFT has today set out a stronger set of guidelines for debt management companies. As the principal trade body in the commercial debt management sector, DEMSA has been working closely with the OFT in the process of forming this new guidance. I am pleased to see that the provisions in this guidance demand of firms a more exacting standard of practice, which customers can have confidence in.”
Mr Land continued: “I am encouraged that the guidance recognises the importance of having training in place to ensure advisers are sufficiently skilled and knowledgeable to carry out their role. It is this concern which underpins the new professional qualification in debt advice for advisers working in DEMSA member firms, provided by the Institute of Money Advisers.”
DEMSA members have long been committed to raising standards in the commercial debt management sector. DEMSA is the only trade body in the sector to have received approval of its Code under the OFT’s Consumer Codes Approval Scheme.
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