On April 1st 2014 regulation of debt management provider transferred to the Financial Conduct Authority. Channel Active Ltd, the operator of this website, is authorised and regulated by the Financial Conduct Authority.
The FCA has introduced a substantial new set of rules that all debt management plan providers must follow.
Many Debt Management Plan companies are also members of either the Debt Resolution Forum or the Debt Managers Standards Association. These Trade Associations impose further quality standards upon their members. Members of both trade associations open themselves up to further onsite audit to ensure continued high standards. Accordingly it can be assumed that members of either Trade Association are committed to handling their business with honour and a determination to provide a quality service.
A number of high-quality debt management providers have also submitted themselves for approval under the “Debt Management Protocol”. This initiative was launched in 2013 and led by The Insolvency Service. Our featured experts (in our forum) work for firms that have met this voluntary additional standard.
Debt Management Plan companies should also be registered with the Information Commissioner under the Data Protection Act. This helps to ensure that client data is protected and used properly.