Protected trust deeds: improving the process consultation

14. Use of Agents

14.1 It will be the responsibility of creditors to ensure that any agents carrying out instructions or acting on their behalf in relation to a PTD or prospective PTD, do so in accordance with this Guidance and in accordance with applicable regulatory requirements.

14.2 Where a creditor requires communication regarding the debt due or the trust deed protection request to be sent via its agent, the creditor must ensure that details of the appropriate contact are provided to relevant trustee.

14.3 Where a trustee utilises the services of an agent to undertake work either prior to, or after, the granting of the PTD, the trustee must notify creditors and record:

• The name and address of the agent;
• A description of the work done by the agent; and
• The hours and fees charged by the agent.

14.4 The trustee must be able to demonstrate that the work completed by the agent was a requirement for the preparation or administration of the PTD and the cost of the agent's work was not more expensive than if the work had been completed by the trustee or his staff.