Is the Debt Management Industry be Regulated?

The Office of Fair Trading announced last week that it will hold a review of the debt management industry.

But as well as this, back in September 2009, the Government announced plans to discuss the possibility of regulating the industry to bring it into line with other finance sector businesses, such as mortgages and insurance.

I believe this is a phenomenal idea. The debt management industry needs regulation to prevent the most financially vulnerable people from being exploited for the gain of the greedy.

The sooner the better, in my opinion. Anyone providing debt management plans, debt relief orders, IVAs and other types of debt solutions should, I believe, be entirely regulated and the poorly operating businesses should be flished out of the industry altogether.