Creditors are regulated by the Financial Services Authority (FSA) but seem to feel it is acceptable and appropriate to flagrantly ignore the FSA position that "Treating customers fairly (TCF) is central to the delivery of our retail regulatory agenda as well as being a key part of our move to principles-based regulation." It is?

The FSA defines their position and expectations of what treating customers fairly means, which include with the following statements.

1. Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

2. Where consumers receive advice, the advice is suitable and takes account of their circumstances.

There is almost no way on this earth that creditors could even begin to cry that they are remotely living up to these standards because they just are not.

When a consumer comes forward to propose an IVA repayment proposal, their situation is reviewed by a licensed and regulated insolvency practitioner. That IP has made a professional decision that the consumer's best course of action is an Individual Voluntary Arrangement and then endeavours to create a repayment proposal that is fair to the creditor and the debtor.