Debt Buyers and Sellers Group implement new audit on debt recovery firms

The Debt Buyers and Sellers Group (DBSG), which is part of the Credit Services Association (CSA) has implemented an new professional compliance audit to improve the quality and reputation of firms operating in the debt sale and debt purchase industry.

The DBSG’s member audit initiative, known as the Continuous Improvement Programme (CIP) will seek to establish compliance standards that all members are to adhere to and in turn, to be audited against. The audit is largely seen as self regulating programmer born out of recent OFT guidance on data accuracy in the debt collection sector and it’s ancillary industries.

The DBSG Standard will cover governance and management, debt acquisition, administration, customer contact, outsourcing, data protection and IT general controls, confirming compliance with existing laws and OFT guidelines.

The Continuous Improvement Programme is voluntary but there are clear benefits to those businesses who participate.

The Chairman of the DBSG, Leigh Berkley said: “The primary objective is to tangibly raise the compliance standards of the sector, and make it clear, as an industry, the quality standards we expect.”

To encourage participation the audit has been priced competitively – and proportionately – and will take into consideration the size and complexities of each member organisation to encourage all members to take part

Leigh says: “It follows a process driven by risk assessment and ongoing advancement, and by partnering with PwC the Programme offers members systemic evidence of compliance and a marketable audited standard.”

Dr Roger Lucas, President of the Credit Services Association (CSA), welcomes the move and says “We want everyone in the collections ‘space’ to benefit from a marketable standard based on formal recognition,”

CCDR is a leading UK Debt Recovery specialist with international reach and a client base of SME’s and multinational organisations. Our services include:  Debt Recovery, Debt Mediation & Debt Dispute Resolution, Business Reports and Debtor Tracing, Outsourced Credit Control and Corporate Legal Services.

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