This years DRF Conference came with a warning from OFT that there will be a crackdown on monitoring of debt resolution companies.
- Annual conference attracts 180 delegates
- OFT warns of crack-down on debt resolution companies
- DRF Training celebrates success
The Debt Resolution Forum (DRF), representing 35 of the UK’s leading debt resolution firms, warned, at its annual conference (19 November 2009), that regulation and monitoring would become vital for the debt resolution industry in the next 12 months.
Commenting, DRF chairman and CEO of debt resolution company, ClearDebt, David Mond, said:
“Speakers from the Office of Fair Trading. Ministry of Justice and Insolvency Service all made it clear that, as an industry, we must be prepared to meet and exceed high minimum standards of conduct or face consequences that could be damaging for individual firms and further damage the UK’s capacity to help debtors.”
“I now believe there are two kinds of debt resolution company in the UK, those that want to be a permanent part of the scene and who will accept the need for stringent standards, training, accreditation and monitoring and those who are just in it for the money whilst the going is good.”
“DRF is continuing with its review of standards to ensure they are appropriate to the industry’s future needs and, that we can diminish the risk to companies of enforcement action by the OFT or other bodies. We were pleased that members present at the conference voiced support for the funding necessary to enable this to take place. We hope to start accreditation visits, by inspectors from the Insolvency Practitioners Association, in January 2010”.
The conference attracted 180 delegates – more than double last year’s attendance and was addressed by a number of leading figures, including Nigel Cates, deputy director of policy at the Office of Fair Trading, who warned that the review of his organisation’s debt management guidance could lead to many debt resolution companies being asked to change aspects of the way they work.
The conference was told that all modules of DRF’s advanced BTEC in debt resolution had now been given full accreditation by EdExcel and that hundreds of students were taking the course, with a number due to complete the certificate (and be able to use the initials Cert.DR) by the end of the year.
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