Insolvency service providers in the U.K. Wednesday agreed to establish a code of conduct for their industry and to set up a register to make available to the U.K. public the names of organizations that adhere to the standards, a person close to the matter said.
A statement detailing the measures to be taken by the debt solutions industry, which follow an earlier meeting between industry representatives and the British Bankers Association, is expected shortly, the person told Dow Jones Newswires.
The agreement to improve standards for the growing number of companies offering debt solutions follows an outcry by banks, some of which have complained that the debt solutions industry is encouraging the recent sharp rise in personal insolvency, including growth in Individual Voluntary Arrangements, or IVAs.
Source: Henry E. Teitelbaum, Dow Jones Newswires
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