You are here: cherry > Press releases for June 2011 > Atlantic welcomes OFT proposals following CAB Super-complaint investigation

02 June 2011

DEMSA member Atlantic Financial Management has welcomed the OFT’s proposed measures to tackle bad practice amongst credit brokers and Debt Management Companies (DMCs) with respect to marketing and charging of upfront fees. “There are many legitimate businesses such as Atlantic Financial Management in this sector, providing fair, transparent and ethical services to indebted and vulnerable individuals. We strongly support any moves to improve consumer trust in our service”, says Kevin Still, Director. Atlantic is one of 16 Debt Management companies in the UK to have achieved DEMSA (Debt Managers Standards Association) accreditation. DEMSA was established 11 years ago to promote good practice in the debt management industry, and to protect the interests of the public and the creditors to whom they owe money. Prospective customers seeking to use a Debt Management Company should look for the DEMSA and OFT logo for reassurance that they are dealing with a reputable firm which is committed to the high standards set out in the DEMSA Code of Conduct. DEMSA is the only trade body in the sector to have received approval of its code under the OFT’s Consumer Codes Approval Scheme. As the principal trade body in the sector it works closely with the OFT to help promote high standards in the industry. Kevin Still continues: “We are pleased that the OFT feels initial (post contractual) arrangement fees as opposed to upfront fees (pre-contractual) are justified provided the fee is proportionate and transparent. We certainly support this view – initial arrangement fees are a legitimate way for debt solutions business to cover the costs of setting up Debt Management Plans (DMPs) and services for indebted consumers.” “We look forward to the updated OFT Debt Management Guidance and hope this will go further to improve standards in our sector and build consumer confidence to use reputable providers like Atlantic Financial Management. ” To find out more about Atlantic Financial Management visit www.atlanticfinancialmanagement.co.uk or call 0845 0 30 30 30

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