Michael Land, chairman of DEMSA commented:
"It's disappointing that after six month's of discussion these talks have ended with little substantive progress. The OFT, in particular, would have liked to see a single trade body for the sector with an OFT Approved Code of Conduct.
"We welcome the announcement by ClearDebt that it is continuing with its application to join DEMSA, along with four other DRF-member firms. Indeed our membership will shortly be at 20, covering around 75 per cent of the debt management industry by customer numbers.
"DEMSA will continue to work with its member firms and the OFT on raising standards across the industry. It was pleasing to note that no DEMSA members received a letter from the OFT as part of its review of debt management guidance published in September, which is an indication of the effectiveness of DEMSA in setting and policing its code."
