A long awaited meeting between members of the BBA and representatives of the Insolvency industry is scheduled to take place this afternoon. Their mission… To establish and agree new guidelines for which to govern and better regulate the IVA industry.

The key points of discussion are expected to include a review of how IVA firms charge their clients, as many banks claim current fees are to high. It is also likely that a more structured approach to the actual promotion of IVA’s will be put into place.

A senior spokesman for the BBA has stated that the primary purpose of the meeting is for both IVA practitioners and lending institutions to unilaterally agree to any proposals that arise as a result of the meet. The vice president of the ABR commented that his feelings towards the event are positive, and are the result of much progress made in the last few months.

For consumers, the new sets of rules are likely to simplify the IVA procedure and ensure fewer people enter into an agreement under false pretences. However, some IVA firms feel that the proposed fee structure is not a fair representation of the amount of work involved with regards to the set up of an IVA.