NEWS...
FOS - One Year On
In a recent meeting between the FOS and the CSA, the FOS revealed some startling statistics.
Of all of the complaints presented to the FOS and considered within their jurisdiction, less than one third related to matters of debt collection. Specifically, since 7th April 2007, only 27% of all enquiries made to the FOS helpline were in relation to debt collection/debt purchase. Of those 27%, only 9% of enquiries actually led to a case being investigated.
On the one hand, both the CSA and the FOS were surprised that the number was so low. On the other, the figures very much mirror the CSA's own position, where complaints have remained fairly static (2006 - 449; 2007 - 428), despite a considerable increase in membership and in the volumes and values of collections being referred.
The figures are of course pleasing, and perhaps reflect how sophisticated the debt collection industry has become in dealing with its customers to avoid disputes happening in the first place. It is also particularly pleasing when measured against the significant complaints reported against arguably less 'controversial' service providers, notably utilities, where complaints run into tens of thousands.
That's not to say the industry can rest on its laurels; there is always more that can be done to further enhance the professionalism in our delivery, and the balance between financial performance and an ethical collections policy.
An interesting by-product from our regular dialogue with the FOS will now see us working even more closely with them and other trade bodies to support SMEs, to the extent of designing specific workshops and seminars dedicated to smaller businesses.
We shall keep you posted of further developments as they arise.
Original article courtesy of DBSG. For further information visit www.dbsg-uk.com.
