So the Reuters news story below just flashed in front of me and I could not help but notice that it appears to be the banks bragging about screwing down IP fees but little about tangible things that will help consumers, like the elimination of hurdle rates.

Unless I'm reading this wrong it looks like the banks got what they wanted and IPs got, what? Promises of simplification seem to be empty as I hear more grumbling from IPs about the complexities of the TIX simplified IVA proposals. So how do you feel about the announcement below?

LONDON, Jan 29 (Reuters) - A public spat between large banks and debt advice providers, who try to recover consumer debt on their behalf, should be settled by a voluntary code of behaviour announced on Tuesday, the group representing the banks said.

The code follows months of discussion between the debt providers and the credit industry after disputes over advertising promises, fees and the amount of debt recovered for the lenders by Individual Voluntary Arrangements (IVAs).

IVAs are court-backed arrangements to help consumers in financial trouble. The debt advice firms get a fee for setting them up.

The British Bankers' Association (BBA) said the standards were agreed at a meeting between providers of IVAs, credit providers and the Insolvency Service and will come into force on Friday.

The settlement of a dispute over fees -- expected to see them significantly reduced -- is seen as key to bringing turbulence in the sector to an end, analysts said, and prompting industry consolidation.

The working group looking at IVAs has recommended fees collected for setting up IVAs are more evenly spread over the life of an IVA agreement, which usually lasts five years, a source familiar with the matter said.

Share prices of listed IVA providers such as Debt Free Direct, which recently changed its name to Fairpoint FRPG.L, Accuma (ACG.L: Quote, Profile, Research), Debtmatters (DEBT.L: Quote, Profile, Research) and Debts.co.uk (DETS.L: Quote, Profile, Research) have fallen significantly during the dispute.

The BBA said borrowers who can no longer afford to repay what they owe would have the protection of agreed industry standards for advertising, advice, information and documentation, as well as higher levels of transparency.

"People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution," said BBA Chief Executive Angela Knight.

"The BBA, the Insolvency Service and the participating IVA providers are united in support for this agreement, which should provide customers with the reassurances they need in order to make the right choice for their financial futures."