Debt Management trade bodies announce closer co-operation
Debt Management Trade Associations Debt Resolution Forum (DRF) and the Debt Managers Standards Association (DEMSA) today, Tuesday 2 December 2014, announced plans for closer co-operation and did not rule out future merger.
In the past year or two DRF and DEMSA have had occasion to work together, for example in the development of the Debt Management Plan Protocol, in dealings with the Financial Conduct Authority (FCA) and most recently by participating in DRF's 2014 annual conference.
In a joint statement to members, DEMSA and DRF’s boards said:
“It's becoming clear that there are many areas where we can achieve more for our members by sharing what we do and by reconsidering whether it is possible to create a single strong voice for our industry. Until now two voices have often been useful, however, with the challenges of FCA regulation, it may be that a single well-resourced organisation will achieve more for members - and might cost less.
To that end both DEMSA and DRF have agreed to look at ways in which we can achieve more through co-operation. We plan to look at opportunities in education and training, compliance support, joint events and development of the recognition for the standards that both organisations have achieved.
Much of this can be done without a final coming together. However, in achieving all of this, it is inevitable that all of us consider whether the best way to help all our members is to become one organisation.
If that happens, it is still some way off and it will not be imposed (all member firms will have a vote). However, your board feels it prudent to explore all the opportunities we have for co-operation and the best ways to make that effective”.