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Debt solution trade body launches
A new debt solution trade body has been launched to offer intermediaries greater help to comply with consumer credit and debt advice regulations, as the government places increasing scrutiny on consumer protection.
The not-for-profit Association of Professional Debt Solution Intermediaries (APDSI) has been founded to represent FSA authorised and OFT licensed intermediaries, and help them make compliant referrals to licensed debt solution providers it approves.
APDSI will be lead by credit compliance expert Alasdair Warwood, as secretary general.
The trade body aims to encourage the compliant promotion, development and diversification of the debt solution intermediary market, and promote best practice.
A particular focus of the trade body will be on the continuing education and professional development of its members, providing resources to help advisers deal with non-standard cases.
Founding members include Kevin Still, director of the Pentagon Group which offers debt solutions, and Melanie Giles, a licensed insolvency practitioner.
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Warwood said: “Recent OFT actions have clearly signalled an increase in regulation for the protection of consumers facing severe financial difficulties.
“There is a clear desire from the reputable companies in the market to be able to offer consumers the best possible advice and support and APDSI will help intermediaries achieve this, whilst continuing to be able to operate profitably.”
He added that one of its main goals was to provide intermediaries with the facility to obtain the appropriate categories of licence to work and enable members to keep up-to-date with matters affecting the debt solution industry.