Consumer debt may indeed receive a lot of attention from the media, but business-to-business debt receives major amount of the debt recovery market. Of all the different regulatory bodies in the consumer collections market there is actually no de facto regulatory body overseeing the commercial debt collection recovery.
There are some cases, mostly in cases where the the debt is a Consumer Credit Act 1974 regulated credit agreement and the business is a solitary partnership or trader. In these specific cases, the company owing money would be considered the consumer leaving the recovery process to be to be governed by the (FCA) or Financial Conduct Authority. Other than these instances business-to-business debt does not usually fall under current regulatory jurisdiction of any other institution.
Keeping this in consideration, the Credit Services Association has now adapted commercial collections into its Code of Practice. This was done to increase best practices within the commercial debt recovery space. Specifically the CSA in Section 12 of the Code of Practice hands out terms for members involved in commercial debt collection, but in total members should recognize and regard the Code of Practice in its entirety.
Commercial debt collectors should also comply with the Late Payment of Commercial Debts (Interest) Act 1998, specifically related to any profit or interest charged on any commercial debts.
If you are looking to have a commercial debt collection agency work with you, contact us today.