Atlantic applauds OFT proposals to improve standards

Kevin Still, Director, Atlantic Financial Management, said:

“Many of the guidelines proposed by the OFT are what we regard as standard practice. That’s good news for us, our clients and our introducers.”
 
“The clarification of the licensing regime and the distinction between lead-generators and those actually providing a debt solution is certainly welcome. We work with a number of licenced introducers and as such conduct full compliancy checks that exceed the requirements laid down in the updated guidance.   

“Transparency is a fundamental tenet of our business so the OFT’s requirement that debt management businesses should be fully transparent is one that naturally, we fully support.  Indeed, as a DEMSA member we comply with the Code of Conduct to provide clients with fair and transparent information in advance of any service commencing, to enable them to make an informed decision and change their mind if they so choose.

“For example, we make very clear on our website the alternative free options consumers can consider and how to find these, through The Insolvency Service’s document ‘In Debt? Dealing with your Creditors’.

"Added to this Atlantic has been using the common financial statement since its inception.

“Atlantic also has a clear vulnerable client policy and has been using the MALG Debt and Mental Health Guide since its inception.

“Clearly there is work to be done in terms of some of the finer detail, for example it would be good to see greater clarification between claims management firms and bona fide debt management solution providers, however overall we fully support the moves by the OFT to improve standards across the industry."