The Enforcement Conduct Board’s emergence has come about as new research reveals the devastating impact that the cost-of-living crisis is likely to have on household debt.

A statement from the ECB said the body was created with agreement between the enforcement industry and leading debt advice charities including Money Advice Trust, Christians Against Poverty and Step Change. It will have a special regard for those experiencing financial difficulty or other vulnerable circumstances, the statement said.

Until now, there has been no independent oversight of the enforcement industry. Minimum standards published by the Ministry of Justice, expect enforcement agents to treat those in debt fairly, but these standards are not legally binding, the ECB said.

The organisation’s first chair is Catherine Brown, former CEO of the Food Standards Agency. Brown was appointed in March, and the ECB announced the appointment of an experienced group of non-executive board members over the summer.

Funded initially by a voluntary industry levy, the government has committed to reviewing the need to provide the ECB’s oversight with full legal authority by 2024, the ECB said.

There are around 2,000 enforcement agents in England and Wales, and all are required to be licensed by a judge at the county court.

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