PTD protocol

The PTD Protocol launches today and sets out non-statutory changes to the Protected Trust Deed (PTD) operational processes.

The intention of the protocol is to promote good practice, improve transparency and provide further clarity in line with the revised AiB PTD Notes for Guidance, better enabling trustees to manage debtor and creditor expectations in PTDs.

The protocol is a voluntary agreement. There is no legislative or regulatory requirement for trustees to abide by its terms. After consulting trustees, creditors and the advice sector, we are hopeful that  the provisions will be viewed in a positive light and trustees will commit to implementing the protocol.

Changes introduced by the protocol:

  • Wherever practicable, an interim dividend should be paid to creditors after month 12 from the date the trust deed is granted and quarterly thereafter.
  • Should a trustee decide to withhold the debtor’s discharge from their liabilities included in the PTD, they must first submit a completed ‘Application to Refuse Debtor Discharge’ form to AiB for consideration and to seek agreement.
  • Trustees must only accept referrals from FCA approved lead generator firms.

To date, 8 trustees have agreed to follow the PTD Protocol:

  • Samantha Warburton, Carrington Dean
  • Ian Wright, Quantuma
  • Kevin Mapstone, AMI Financial Solutions Ltd
  • Thomas Fox, Harper McDermott Ltd
  • Blair Nimmo, Interpath Advisory
  • Lynne Flower, Interpath Advisory
  • Nicholas Payne, Payplan Scotland
  • Jamie Carmichael, J3 Debt Solutions Limited

These trustees account for 85% of trust deeds protected this year.

Further information, including details of how trustees may agree to follow the protocol, can be found in the PTD Protocol section.