IVA regulations provide protection

The financial sector which deals with debt counselling, debt management and debt adjustment is considered to be a 'high risk' sector by the Office of Fair Trading (OFT).

This sector also encompasses the IVA sector, which means that the IVA sector is controlled through stringent regulations, at different levels, to ensure the public are protected from receiving misleading or unethical advice.

There are primarily two areas within the IVA sector that need to be regulated, namely the IVA advisers and providers, and the Insolvency Practitioners.

Consumer Credit License

Under the Consumer Credit Act 1974, any company providing IVA advice and IVA counselling needs to be licensed by OFT before they are allowed to offer IVA advice. A Consumer Credit License (CCL) is only issued after an assessment has been undertaken to test the competence and capability of the applicant, be it an individual or a company.

Companies, such as My IVA Adviser, must demonstrate they have the required knowledge, experience and skills before being allowed to offer advice to the general public.

To offer IVA advice without a CCL issued by the OFT is a criminal offence, so it's really important for members of the public to check the CCL details of anybody they approach for IVA help and any company with a CCL should display their CCL number for all to see.

Our Firm Reference Number (FRN) is 684439, and we display it with pride on every page of the site.

Insolvency Practitioners

All IVAs must be administered by an Insolvency Practitioner (IP).

It's the IPs role to oversee the whole IVA process and to ensure the terms and conditions of the IVA are being adhered to, as detailed in the IVA proposal, as well as ensuring that all legal procedures are being observed.

Each IP must be a member of a regulatory body and will be subjected to regular examinations and monitoring of their procedures to ensure the correct standards are being upheld.

Complaints against IPs

When there's cause for complaint against an IP, it should be made directly to the IP in person. They will have in place a complaints procedure to follow that address the complaint quickly, transparently and fairly.

But if the suggested resolution is unsatisfactory, the complaint can be escalated to their particular regulatory body.

To make a complaint against an IP go to the Insolvency Service website here.

In accordance with the Financial Conduct Authority's guidance, please follow this link if you would like to read a free guide about In Debt - Dealing with your creditors
To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

'www.my-iva-adviser.co.uk' is a trading styles of IVAorg CIC. Company Number: 08560305 | Data protection registered ZA033231
IVAorg CIC is authorised and regulated by the Financial Conduct Authority (FCA) | Firm Reference Number (FRN) 684439