CSA creates further opportunity for dialogue with creditors to improve the customer experience
The Credit Services Association has called for even greater collaboration between creditors and the debt management companies and highlighted the growing role that debt purchasers are playing as pseudo ‘creditors’ in improving the customer relationship.
Speaking at the Debt Managers Standards Association (DEMSA) Conference in June, Leigh Berkley, President of the CSA, described debt buyers as being uniquely placed to work with the debt advice sector to get the best deal for the consumer.
“In the UK, debt buyers already own more than £50bn of unsecured defaulted debt – on a par with the banks themselves,” he said, “and with regulatory and capital pressures, even more bank assets are likely to be divested.
“It is the CSA’s role to ensure that debt buyers uphold the highest possible industry standards and not only share best practice with creditors, but also go above and beyond to ensure they are acting as a creditor would act in offering a consistent experience for the customer.”
The need to even better engage with creditors is a key theme of the CSA’s UK Credit & Collections Conference (UKCCC) in September 2016 bringing together creditors, collectors, advisers and regulators to look at how the customer experience can be further improved.
Mr Berkley says it is more important than ever to work together as a sector: “We are working hard to open lines of communication, in particular with creditors, so we can promote a consistent approach with the consumer, whether their debt is financial services, telco, utilities, local authority or central government,” he concluded.
“We hope to see representatives from across the banking and other sectors at our Creditors’ Forum and UKCCC.”