0 £0.00
This item was added to your basket

 A “simpler” body will replace the Money Advice Service

A new “simpler” model has been set out for a financial guidance body the government estimates will replace the Money Advice Service (MAS).

Share on LinkedIn Share on Twitter

A consultation paper was published this week (December 19) and outlines how publicly funded debt advice, pensions and money guidance will be brought together into one body.

 

The government said the new organisation will be ready by no earlier than Autumn 2018.

 

A statement from the Treasury and the Department for Work and Pensions said the new body will aim to provide a simpler service.

 

It will commission advice for those in problem debt, co-ordinate efforts to improve financial capability and provide information relating to pensions.

 

Economic secretary to the Treasury, Simon Kirby, said: “We want to help people take charge of their finances and make the financial decisions that are right for them.”

 

The new body will also be responsible for helping consumers avoid financial fraud and scams and co-ordinate non-governmental financial education programmes for children and young people.

 

Emma Lovell, a director at insolvency trade body R3, said: “A co-ordinated effort from the new body, the debt advice sector and the insolvency profession would help to ensure that consumers have the opportunity to deal with their debts in the most appropriate way for their circumstances.”

 

The consultation will run until February next year and the government is encouraging further responses and submissions from interested stakeholders.

 

Ahead of the new body’s introduction the MAS, the Pension Advice Service and Pension Wise will continue to operate as normal.

 

A link to the consultation paper can be found here.

 

Share on LinkedIn Share on Twitter
Add New Comment

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

YOU MIGHT ALSO LIKE

Complaints made about credit cards rise in second half of 2017

Complaints about credit cards rose two percent in the second half of 2017, Financial Conduct Authority data shows

Third of millennials face “renting from cradle to grave”

Policy makers need to radically reform the private rental sector to make it fit for raising children and for retirement, according to new research from independent thinktank the Resolution Foundation

Ministers urged to protect tenants from “revenge eviction”

Nearly a third of private tenants who have experienced problems while renting do not complain for fear of being evicted, according to new research from Citizens Advice

Here we go again: Credit Awards 2018

So here we are again, a year has rolled speedily by and by now you will know if you are one the 98 companies shortlisted for the 19th Credit Awards. Laurence Hamilton, UK third party collections managing director, at Lowell wishes all Credit Awards finalists the best of luck

The CS Interview

The patriot

The patriot

Features

How much is a modern debt purchaser worth?

How much is a modern debt purchaser worth?

Opinion

Opinion: The need for speed for loan approvals and payments
Share on LinkedInShare on Twitter

Opinion: The need for speed for loan approvals and paymentsSPONSORED ARTICLE

Credit 500 - 2018/2019

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled
Share on LinkedInShare on Twitter

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group