In the forthcoming update to the Office of Fair Trading (OFT) Guidance for Debt Collectors, which is expected in the latter part of the year, it has been announced that the Credit Services Association (CSA), who are the voice of the Debt Collection industry in the UK, will be consulted as a key stakeholder.
The CSA’s Code of practice, which was originally published in 2003, has had large parts of it’s content used as the basis for the new Guidance. It is expected that the new Guidance will have clearer instructions around data accuracy and a specific section dedicated to debt purchase according to CSA’s Head of Membership, Compliance and Educational Services, Claire Aynsley:
“It is vital that the consultation has insight from those in the collections and debt purchase sectors who have front line knowledge of collecting debts in often challenging conditions,” she says.
“Members of the CSA, and colleagues within the Debt Sale & Sellers Group (DBSG) will help ensure that any future Guidance is properly informed, so that best practice can be highlighted to the ultimate benefit of all parties.”