The Debt Managers Standards Association (DEMSA) has appointed The Hon Sir Harry Ognall, DL as chairman of its Compliance and Discipline panel.
Ognall is a retired High Court Judge. Before his appointment to the Queens Bench division of the Court, his practice involved a wide variety of criminal and civil cases, including corporate fraud. He has also previously acted as an arbitrator in the motor insurance industry.
He will join Richard Wharton, director and general secretary of DEMSA and Caroline Siarkiewicz, executive director of the Institute of Money Advisers on DEMSA’s Compliance and Discipline panel, as well as Patricia Harter of West Yorkshire Trading Standards Service and Michael Fox, a Deputy Lieutenant of West Yorkshire.
The OFT is consulting on revised guidance for the debt management industry in order to ensure stricter compliance in the sector. DEMSA has also embarked on a revision of its own Code of Conduct which will include changes to the disciplinary structure governing the conduct of its members.
DEMSA’s Compliance and Discipline panel meets to consider a complaint about one of the members from either creditors or clients, which has not otherwise been resolved in a complete and satisfactory manner. The panel is empowered to award redress, and to impose a variety of stringent sanctions such as fines, restitution and requiring changes in operational practices. The panel may also report complaints to regulators who would review suitability for holding a Consumer Credit or other license.
Ognall will lead the process of revising the DEMSA Code’s disciplinary provisions involving the panel and will monitor the application of these provisions so as to ensure their ongoing fairness and efficacy.
Sir Harry Ognall said: “I believe that the panel will prove to be of real advantage
