Developing a strategy for access to advice and support on Social Welfare Law in England and Wales
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Money Advice Futures

The future and funding of money is very much in the air as MH Treasury develops its thinking about the money advice sector. Earlier this the Autumn the Treasury and FCA launched a “Financial Advice Market Review” to address the“advice gap,” the regulatory framework and “the barriers which put consumers off seeking advice.”

The Treasury are also consulting on the delivery of “money guidance”; with suggested options include rationalising debt advice delivery channels, and the changing role of statutory bodies. This seems to a reference to the review of the Money Advice service undertaken earlier this year in light of the Treasury Select Committee's highly critical inquiry.

One direction of travel might to be bring together Money Advice and
Pensions Guidance, but we will have to wait and see. However the sector ends up though, one thing is clear - demand is likely to escalate over the next two years. Recent research from Stepchange shows that 1 in 3 people across the UK are struggling to pay their bills and problem debt is becoming the ‘new normal’ for millions.

Copies of the Low Commission's submissions on these issues can be accessed here.

MAS REVIEW

Review-of-the-Money-Advice-Service-3-.doc (MS Word Document - 49Kb) MAS REVIEW

FINANCIAL ADVICE REVIEW

Financial-Advice-Market-Review-Call-for-Input.doc.pdf (Adobe PDF - 84Kb) FINANCIAL ADVICE REVIEW

MONEY GUIDANCE CONSULTATION

Treasury-Consultation-on-Money-Advice-ASA-Low-Commission-171215.doc.pdf (Adobe PDF - 107Kb) MONEY GUIDANCE CONSULTATION