Commenting in the wake of this week's government announcement of caps to be applied to the cost of credit, Russell spoke to an audience of personal insolvency specialists who deal with individuals' debt problems, typically by supervising Individual Voluntary Arrangements.
Russell agreed to look into situations where his members may be accused of inappropriate lending, for example where a potential borrower is in an IVA and may consequently be unable to repay a pay day loan.
Commenting, Russell said:
"It is important for the CFA to engage with a wide range of stakeholders about the short-term lending market. I was pleased to be able to share with IPA members details of how the responsible elements of our sector are driving up standards. If we are to develop policy solutions to the problems facing many people in financial hardship, it is crucial to maintain a dialogue with insolvency specialists. It is very much a priority of the members of both organisations to assist people with debt problems and avoid bankruptcy wherever possible."
Delegates represented a significant proportion of the IVA market, and heard a range of speakers covering government policy, Irish insolvency developments, credit card collection strategy, and new insolvency regulations in Scotland implemented on the day of the conference.
Ethical issues in the sector were also debated amongst the 160 attendees. This has become one of the leading conferences of its type, and this year was held at Old Trafford, home of Premier League champions MUFC.
