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  • OFT issues revised debt management guidance for consultation

    Revised debt management guidance published June 2011

    The OFT today published for consultation revised guidance for the debt management industry. The guidance update follows a review of compliance in the sector which found, amongst other things, widespread problems with misleading advertising and the quality of advice given in the fee charging sector. Together with targeted OFT enforcement, the revised guidance is designed to address the issues identified by the review.
    Today's guidance sets out the standards the OFT expects of debt management businesses and makes clear they must:
    • be fully transparent about the service on offer and fees charged
    • explain to consumers both the risks and benefits of each proposed solution
    • not use misleading names or advertising, including misleading web-based adverts, and
    • ensure that the advice provided is in customers' best interests.

    The overall theme of the guidance is increasing transparency and ensuring that consumers have all the information they need to make an informed decision about the solution most appropriate for them.
    Where appropriate, the OFT will take enforcement action against businesses failing to adhere to the guidance.

    Since the OFT published the findings of its compliance review in September 2010 and issued a warning to 129 debt management businesses, 43 businesses have surrendered their licences and action has been taken to revoke 11 consumer credit licences.......Click HERE to read more on Story

    Forum News
    Direct OFT Pdf file
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  • #2
    Re: OFT issues revised debt management guidance published for consultation

    This is important in it's own right, so I've popped it into a separate thread.

    Thanks.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: OFT issues revised debt management guidance published for consultation

      Originally posted by rizzle View Post
      This is important in it's own right, so I've popped it into a separate thread.

      Thanks.
      thanks Rizzle, i just put it the same thread as an update, didn't know whether to create a new thread or just add it to the current...!
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

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