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Debt Collection

President of the CSA comments on the the latest figures from the Financial Ombudsmen Service (FOS)

By CreditMan Wednesday, May 20, 2015

Comment from Leigh Berkley, President of the Credit Services Association (CSA) in response to the latest figures from the Financial Ombudsmen Service (FOS):

“Complaints raised against the debt collection industry have risen by 51% in the last 12 months, from 557 (in 2013/2014) to 843 (2014/2015), largely as a result of better signposting to the ombudsman following the appointment of a new regulator (the Financial Conduct Authority – FCA). The proportion of complaints upheld in consumer credit, however, has continued to fall for the fourth successive year.

“Every member of the CSA takes complaints seriously, and works hard to resolve disputes before they are referred to FOS. In the context of 329,509 new cases dealt with by FOS over the last year across the entire consumer credit industry, however, including insurance and banking, complaints against debt collection agencies represent only one quarter of one percent (0.26%) of this total. Put another way, the total represents less than two complaints per CSA member – an exceptional performance compared to other parts of the financial services community.

“Given the very difficult and challenging role that our members play in managing c£60 billion of debt each year across c18 million accounts, and returning c£3 billion to the UK economy, this is a remarkable achievement that reflects the professional nature of a sector that rarely receives the recognition it deserves.”