Britain’s debt management industry needs to have a better and well-enforced set of regulatory standards, it has been stated.
Chief executive of debt management firm ClearStart Chris Moat commented that such principles were clear from a study of the industry by the Money Advice Trust, which found that many companies have not been providing consistent advice.
He stated: “This report identifies a clear need for more robust standards to be set and enforced in the debt advice area so that consumers can be confident in their purchase decisions.”
“Objective criteria” must be used to set the standards, Mr Moat added.
Some people may be able to lower their debts by changing some of their existing
Other findings from the Money Advice Trust report included concerns that more companies are charging fees for help and that poor advice is prevalent among smaller firms set up recently.