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DEMSA is the Debt Managers Standards Association.
DEMSA was established in December 2000 in order to promote good practice in the debt management industry, and to protect the interests of the public and the lenders to whom they owe money, in the setting up of Debt Management Plans DMPs.
Debt management companies act on behalf of borrowers to help them to clear their debts by way of DMPs. They do this by entering into direct negotiations with creditors in order to facilitate the repayment of debts. In return for their services debt management companies are generally paid a fee by the borrowers.
The aim of the DEMSA Code of Conduct and that of DEMSA, is to encourage debt management companies to provide services of the highest standards in which the public and the credit industry can have confidence.
DEMSA facilitates engagement between creditors and members, including regular compliance forums and weekly bulletins. Training services are delivered face-toface and through its e-learning platform.
DEMSA has regular engagement with the Financial Conduct Authority (FCA) and the Money Helper (formerly known as the ‘Money Advice Service’ as a representative of the Operational Steering Group. DEMSA also sits on the Standard Financial Statement governance group.
[See ‘Debt Management Plans’, ‘Financial Conduct Authority’, ‘Money Helper’ and ‘FCA’.]
The Department of Business, Energy and Industrial Strategy (DBEIS) is a department of the Government of the United Kingdom.
The Department’s official website states that its role is in leading economy-wide transformation by backing enterprise and long-term growth, generating cheaper, cleaner, homegrown energy and unleashing the UK as a science superpower through innovation.
BEIS is a ministerial department, supported by 43 agencies and public bodies.
[See ‘Secretary of State’.]
