DEMSA update: Personal Insolvency / IVA early failures / FCA updates / Consumer Duty / Collaborations / Training / Events

In today’s bulletin

General updateInsolvency Service research into concerns around Individual Voluntary Arrangements (IVAs)Fall in personal insolvencies at year-endConsumer Duty Board reports for July 2024CollaborationsTrainingEvents

General Update

DEMSA followers on LinkedIn

DEMSA has managed to attract 1,003 followers at the time of writing, which was a mini milestone given the very limited size of the debt solution marketplace. We now have a very broad audience for both the LinkedIn site and the bulletin. The role of a trade body in this sector has materially changed since the FCA took over from the OFT in 2014, nearly a decade ago. It was interesting meeting with the FCA this week, where several on the call were former contacts at the OFT.

We aren’t a quasi-regulatory body, and the FCA were very clear early on that DEMSA wouldn’t sit in the complaint process under DISP. We also moved away from the Trading Standards Institute (TSI) code approval scheme when it was tr...

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