The Insolvency Practitioners Association (IPA) will monitor, regulate and accredit members of a new body - the Debt Resolution Forum - that represents the biggest IVA and debt resolution companies in the UK.
The 40 members agreed to sign up to the body's standards, which includes measures to ensure that appropriate advice is given to debtors and that charges and fees are made clear. Advertising will also be closely monitored. The Debt Resolution Forum agreed to provide training and regulation for its members.
The changes should bring about a more consistent approach to IVAs and provide fair solutions for both debtors and creditors.
The IPA will make an accreditation visit to all members during the forthcoming year.