OFT review of compliance with debt management guidance

The OFT has launched a review of industry compliance with its debt management guidance.

The guidance sets out the minimum standards of behaviour for providers of debt management services. However, the last compliance review took place six years ago, in November 2003, and the debt management market has changed significantly during that time. By conducting the review, the OFT will be able to assess industry compliance with the guidance, identify reasons for non-compliance, and obtain feedback on it.

Online questionnaires are available for debt management businesses, creditors, trade bodies, consumer advice bodies and trading standards services, with the closing date for submissions being 25 January 2010. The OFT expects to report on the findings of the review in spring 2010.