BBA delighted that IVAs come under closer scrutiny

The British Bankers’ Association (BBA) said today that it is encouraged that through effective self-policing and regulatory activity, IVA providers are to drop potentially misleading advertisements that promote inappropriate levels of debt write off.

Since December, the BBA has engaged in full, frank and constructive discussions with Insolvency Practitioners, Regulators and government to develop a set of standards to maintain the integrity of IVAs as a potential debt management tool.

Angela Knight, chief executive of the BBA said: "I am delighted positive steps are being taken to ensure that IVAs are promoted responsibly, especially as the industry has acted on its own initiative to engage with regulators. This fits well with our own initiative - co-sponsored by the Insolvency Service - to improve standards that we plan to announce shortly."