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CSA Code of Practice

As a member of the Credit Services Association, we are required to fully adhere to their Code of Practice. The CSA Code of Practice guarantees that the very highest industry standards are upheld at all times.

Credit Services Association

The Credit Services Association (CSA) is the only body in the UK for businesses active in the collection and purchase of debt industry. The CSA, founded in 1906, has around 300 member companies which represent 90% of the debt collection and purchase industry, and employs around 11,000 people. At any one time its members hold up to £60bn worth of debt for collection, returning nearly £3bn in collections to the UK economy per year. As the voice of the debt collections industry, the CSA’s goal has always been to build confidence in debt collection and purchase by making the complete process clear, easy to understand and less stressful for both collection agencies and consumers.

A Benchmark for Industry Best Practice

The CSA Code of Practice is the benchmark for industry best practice, it ensures quality and professionalism in the services we provide as a member. The CSA works closely with the financial services regulator, the Financial Conduct Authority (FCA), and other industry regulators to continually update the Code of Practice in line with the latest regulatory developments.

It is essential that as a CSA member we follow the Code of Practice and provide a declaration of compliance with statutory legislation covering the industry. As members, we can also be subject to regular audits.

The six common principles of the CSA Code of Practice are;

  • Principles of business
  • Key requirements
  • Dealing with customers in vulnerable circumstances and financial difficulties
  • Dealing with complaints and disputes
  • Data protection and confidentiality
  • Compliance monitoring

In addition to the six common principles laid out in the Code of Practice, members must also adhere to activity-specific sections. For instance, international collections agencies will have different obligations to agencies collecting in the United Kingdom only.

Breach of Code of Practice

Compliance with the Code of Practice is mandatory for all members. In the event of a breach of the Code of Practice by any member, sanction points may be issued after an investigation by the CSA. In some serious breach cases, members may have their memberships suspended or terminated.

The Credit Services Association and its Code of Practice are there to guide and support members and consumers alike. By establishing the high standards required to be upheld by its members, the CSA ensures fair, ethical, and transparent industry practice which is beneficial to all.

You can view the Credit Services Association’s Code of Practice in full here

 

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