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Autumn launch planned for industry tracing code

Code launch planned for CSA annual conference in September.

The Credit Services Association (CSA) is to unveil a code of conduct for tracing agents in September.

The organisation is working on the tracing guidance document after suggestions by members that one was needed.

CSA executive director Kurt Obermaier said: "Following a review into our best practice documents, we felt activities relating to tracing had not been sufficiently covered. There are references to tracing in terms of being circumspect and discreet but nothing specific."

He added that the code of conduct will serve as a good starting point for any regulation on tracing that is introduced in future.

The CSA has already set up a working party and aims to formally announce the code at its next annual general meeting in September. Before then it will consult with members on a draft of the code.

Ken Maynard, chief executive of Cabot Financial and CSA board member, said the rising incidence of mistrace made it necessary to act. "People need to understand that we are serious and won’t tolerate this from our members. The challenge is to make sure the rate of mistrace decreases dramatically," he told Credit Today.

Running in tandem with the tracing code of conduct is the creation of a consumer charter outlining what the public can expect from debt purchasers.

"With this we are hoping to achieve clarity and transparency on what is correct procedure and what isn’t," said Obermaier. "If a customer is aggrieved, they can complain to us and we will take the appropriate action."

This article was sourced from www.credittoday.co.uk