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New guidance
on debt collection is in the early stages of being drafted before going to
consultation, the OFT has confirmed.
The OFT has invited trade bodies including the CSA to provide feedback on the
proposals.
It is expected to draft guidance imminently before going to a full 12-week
consultation, after which time the OFT expects to publish its final guidance in
the autumn.
The revised guidance is to focus on the issue of data accuracy, specifically
allegations about people being chased for debts on the basis of false or wrong
information provided by creditors to debt collection companies.
It is believed that the guidance will not change the regulator’s current stance
on citing unfair business practices.
A spokesperson for the OFT explained: "We are writing to the relevant creditor
trade bodies to ask their views.
"Once we have listened to their concerns, we will be publishing draft guidance."
Claire Aynsley, head of compliance at the CSA, added: "The OFT has spoken to us
at length and advised us that the new guidance will focus on creditors and will
centre on data accuracy and the sale and purchase process."
It is also believed that the OFT has during the past few months increased the
amount of work it has carried out in visits and investigations.
Source: Credit
Control Journal
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