TDX Group’s Insolvency Exchange launches UK’s first IP Company Accreditation Scheme to improve IVA service standards for consumers
Dec 12 2007
TDX Group today announces the launch of an Accreditation Scheme for Insolvency Practitioner Companies (IP companies). TIX Accreditation is the first non-regulatory scheme in the UK to ensure that consumers receive the best possible service and advice regarding IVAs. It will act as an industry-recognisable benchmark, ensuring that IP companies of all sizes adhere to best practices and standards in return for gaining significant commercial benefits.
Recent consumer research conducted by TDX Group found that 90% of individuals sign up to a debt solution recommended by the first organisation they contact. TIX Accreditation will help consumers to identify IP companies that deliver sound, impartial advice and that have the appropriate procedural capabilities in place to manage their IVA.
TIX has designed the Accreditation Scheme to complement and support the industry agreed IVA protocols recently announced by the British Banker’s Association. TIX Accreditation will include the demonstration of insolvency practice adherence to the agreed protocols as well as highlight areas for review.
The Accreditation Process
IP companies wishing to gain TIX Accreditation will participate in a robust and thorough onsite assessment of their business by an independent third-party assessor. The assessment will focus on specific areas of an IVA lifecycle such as acquisition, advice, referrals, marketing, appropriate advertising and verification. It will also evaluate the management controls, structures and historical performance of the company. In addition to the assessment report, TIX will supply further Management Information from TDX Group’s unique IVA performance database to complete the overall review of the IP company. Successful IP companies will then receive an offer of accreditation from TDX Group. The assessment will be renewed on an annual basis and the IP company will be asked to pay an annual fee.
TDX Group has already conducted a successful trial of the assessment process with two IP companies to ensure that all necessary processes are in place for the scheme. Additional assessments are already underway and it is expected that the first Accreditations will be awarded early in the New Year.
Benefits to Insolvency Practitioners
TIX is in dialogue with the industry to agree the commercial benefits that will link to the Accreditation scheme. Incentives will primarily promote confidence in IP companies from creditors and ensure that consumers are being appropriately informed about their debt management solution. IP companies will be able to use the TIX Accreditation quality mark in all marketing materials to demonstrate to consumers that they adhere to, and offer industry best practice.
“After conducting consumer research and consulting with both creditors and IPs, we believe that the TIX Accreditation Scheme will ensure that all parties receive the best possible deal for IVA proposals,” says Mark Onyett, CEO, TDX Group. “With nine out of ten consumers signing up to a debt solution from the first IP that they approach, it is vital that they can be confident in the advice they are given and that the IP has the ability to manage their IVA throughout its duration. IPs could also benefit from significant commercial advantages and extended marketing opportunities through the use of the TIX Accreditation quality mark.”
IVA.co.uk Spokesperson and Website Manager
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