Demsa receives OFT approval

The Debt Managers Standards Association (Demsa) has received approval for its code of practice under the Office of Fair Trading (OFT) Consumer Codes Approval Scheme.

Demsa has become the first debt management trade body to receive such approval from the OFT, which only gives the green light to codes that go beyond the basic requirements of the law when it comes to protecting the interests of consumers seeking debt management services.

Chairman of Demsa Michael Land stated that the body is “delighted” to have received the OFT’s approval.

“It is now even more important, with so many people needing expert debt advice and help, to be totally confident when dealing with our members,” he explained, noting that Demsa expects to see more firms joining the body once they have passed entry requirements.

Those struggling with credit card debt could be set to receive extra help after the UK payments association Apacs launched a new scheme to encourage greater sharing of information between credit firms.

By Tom Musk