Key Activities

Debt Management Companies
The IPC has noted increasing discussion about whether debt management companies (DMCs), most of which hold consumer credit licenses granted by the Office of Fair Trading, should be subject to stronger “conduct of business regulation” or at least required to train their staff to meet agreed professional standards.

We understand that the IPA has been discussing with some of the leading debt management companies and other advice and solution providers the scope for developing, alongside the existing statutory regulation of IPs, a consumer debtor-specific recognition/accreditation scheme (or schemes) for the training, examination, continuing professional development, oversight and regulation of those who advise on and administer the range of consumer debtor solutions.

We welcome the IPA’s initiative in raising this. To the extent that the case for training the staff of
DMCs relates to the fact that they are effectively giving advice to debtors, the case for formal
training standards applies equally to the staff employed or supervised by IPs who specialise in
dealing with personal debtors and to the money advice staff employed by the charitable and
voluntary sector.

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