DEBT MANAGEMENT FEES

That this House deplores as extremely damaging the poor practices engaged in by a number of debt management companies that charge fees of their customers, a practice uncovered by the Office of Fair Trading as part of the compliance review it conducted around its Debt Management Guidance; supports those demanding that the current system of self-regulation operating in that sector, which has palpably failed, be replaced by a statutory regime; and calls on the Government to bring forward the legislation necessary to introduce such a regulatory framework at the very earliest opportunity.