A website which aims to informally regulate the IVA industry has been launched by a group of accountants and lawyers.
IVA.com aims to informally regulate the IVA industry by allowing feedback to be posted on IVA companies and insolvency practitioners, thereby increasing competition and improving quality.
It follows concerns raised by the British Bankers’ Association (BBA) in December 2006, which called for steps to be taken to ensure consumers are getting the best advice, stop the mis-selling of IVAs by certain providers and reduce fees.
An IVA.com spokesperson says: “We at IVA.com believe that the key to workable regulation in the debt solutions industry is transparency. By making industry-wide customer feedback publicly available, we hope to reduce mis-selling, raise awareness and encourage free market competition to the benefit of consumers.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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