The IMA in 2013 launched an initiative for the development of Best Practice Guides for each of the industry's sectors to inform stakeholders.
The IMA started with the Best Practice Guide - Repossessions, which sets out all of the issues of compliance and industry actual practice into an easy to read document potentially allowing a more informed understanding by stakeholders of the actual processes associated with repossessions.
The guide will continue to grow and be enhanced over time.
The Best Practice Guide - Repossessions is a benchmark and market tool for financial providers, given their compliance obligations under their Australian Credit Licence to use when choosing which agencies attend to their repossession assignments.
The Best Practice Guide - Repossessions is available for download from this page.
The IMA's next project for the Best Practices Guide initiative is the development of a Best Practice Guide - Process Serving.