Holders of a Consumer Credit Licence have to submit an extensive application to the OFT which is then subject to their scrutiny and further questions.

The OFT offers specific guidance to debt management companies about how they should go about their work. An example of this guidance includes the issuance of payments to creditors within five days of the receipt of cleared funds from a client. Another example is the requirement to keep clients informed about developments affecting their debt management plan. Bright Oak is committed to observing the full guidance issued by the OFT to our industry.

Bright Oak are also members of the Debt Resolution Forum; a trade body set up by firms committed to raising standards in the debt advice and debt solutions industry. We are proud that in 2009 Andrew Graveson, Bright Oak’s Managing Director, was invited to become a Director of the Debt Resolution Forum. As part of our membership we open ourselves to independent audit to ensure continued high standards.

Bright Oak is also registered with the Information Commissioner under the Data Protection Act. We are committed to providing the highest levels of information protection for our clients. As part of this commitment we will never share your details with any other company unless you have specifically authorised us to do so in advance.

If you have any questions about regulation or how your data is protected please contact us.

In Autumn 2009 the Government began a consultation process on the possibility of introducing further regulation into the debt advice and debt management plan sectors. Three broad options are being considered. Firstly the industry may continue as it currently stands. Secondly an element of self-regulation may become the norm via trade associations such as the Debt Resolution Forum. Thirdly further regulation may be introduced via regulated/approved/statutory debt repayment plans. Bright Oak supports all efforts to ensure consumers receive appropriate advice and solutions from the debt resolution industry.

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