The association, which will officially launch on 1 February, will include Debt Management Services, Excel Collection & Enquiry Services, NCI Resources, PDP Management Services and Property Services Partnership.
It will establish and maintain a professional code of conduct, aligning the industry with similar requirements placed on mortgage lenders, the broader financial services community and other professional practices.
Mervyn Pilley has been appointed secretary general of the society.
He said: “Its key objectives will be to create consistent, high quality standards and best practice throughout the sector to help members support lenders in their regulatory obligations with the FSA and other interested groups.”
The objectives of the AAM include ensuring that the services its members provide are delivered in a consistent manner to all lending institutions. This will allow them to provide the necessary legal and regulatory reporting more easily and fulfil their compliance obligations under the ‘Treating Customers Fairly’ principles.
The new eligibility and ongoing code of conduct rules include that all field agents must be fully licensed by the Office of Fair Trading (OFT) and comply with all relevant regulations.
The rules also include the need for consistent training programmes for all field agents and internal staff, performance monitoring of all field agents and staff, a robust complaints procedure and a comprehensive Professional Indemnity cover.
