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| Annual Report 2007 Individual Voluntary Arrangements The IPC had provided examples of misleading advertising of IVAs to the OFT which subsequently wrote to 17 firms about the claims made in their advertisements. At a further meeting with the OFT during 2007 the IPC was asked to provide evidence of other cases of misleading advertising on daytime television. The oversight of advertising has now been taken on by the Standing Committee of the IVA Forum, with regulators checking it as part of the monitoring process. The IPC continued to press for more and better statistics on IVAs (including on failed IVAs) and the need for IPs to inform personal debtors of all options available to them, including non-statutory solutions. The IPC also commented to Citizens Advice on their claims of mis-selling of IVAs by IPs. It urged CA to inform the appropriate regulators so that their monitors could follow up such allegations during visits. |
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