News Article

Tracing & Enforcement

Tracehunter comment on reviewed OFT collections guide

By CreditMan Friday, October 21, 2011

Paul Coxson CEO of Focus Software Systems and developer of tracehunter comments on the updated OFT Debt Collection Guidance:

After reading the updated OFT guidance on debt collection, it was simple to see that everything that has been added is already done by the vast majority of the industry. All of those that we have worked with over the years have found that by treating debtors fairly they get a much better response.¨

It is positive that there is an emphasis on the debtor to pay what is rightfully owed, at the same time as highlighting the protection, which must be offered to those within our society who are most vulnerable.¨

I recall that when the guidelines were last updated in 2006, the word compliance wasn't mentioned once, now it features on nearly every page. As the industry moves forward compliance is going to continue to be at the core of the most successful firms operations.¨

Over the years we have worked with our clients to add and improve features of our software to enhance compliance. For many years they have been far surpassing even these new more stringent trace guidelines. Now there is more clarity following the release of the guidance there is less openness to interpretation, which can only be a good thing as the industry evolves.¨

I'd like to extend my warmest of offers to anyone who conducts trace and is concerned about the new guidelines, we'll be happy to consult you on the new guidance and how it may affect you, feel free to get in touch.¨

For further information please contact Tim Hayes on:
* 0161 713 2213