Charlie Weston: Failure to regulate debt advice sector astonishing
THE failure of Finance Minister Brian Lenihan and the staff in his department to grasp the necessity to regulate those firms offering to advise consumers on how to tackle their debts is little short of astounding.
Almost every week a new firm offering commercial debt counselling or debt management opens up. They are responding to the growing debt crisis among consumers.
These firms are unlicensed and unregulated. And that is not their fault, as there is no regulatory structure in place for commercial debt advisers.