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Debt Advice Steering Group (DASG) supports Peter Wyman’s Independent Review of Debt Advice Funding

Wednesday 25 April 2018

Senior Steering Group agrees to take forward the Wyman Review

  • DASG members welcome the direction of travel set by the Review
  • DASG to prioritise 5 key areas for delivery in 2018/19
  • Sector to collaborate in taking forward actions

A major Independent Review of the Funding of Debt Advice, led by Peter Wyman, was published on 25 January 2018. In the three months following, almost 30 organisations have formally responded to the Review.

Yesterday, the Debt Advice Steering Group considered those responses in detail and agreed to back the direction of travel set out by the Wyman Review. It has agreed to prioritise:

  • increasing capacity in the sector by 50%
  • broadening the base of organisations who contribute to funding
  • measures which ensure high quality advice
  • increasing investment of the debt advice levy in coordination, infrastructure and technology
  • increasing collaboration in the sector.

The Money Advice Service will lead coordination of the Review, alongside devolved administrations and the DASG. Detailed action plans for delivering on the prioritised areas will be produced in coming months. These will need to have the over-indebted population at the heart and take into account the varied cultural and legislative arrangements across the four nations of the UK.

The DASG made this statement: “In January, Peter Wyman published his review of debt advice funding in the UK. We support the vision he sets out for the sector; ensuring people get high quality debt advice when they need it is absolutely vital and finding innovative and effective ways of reaching, advising and serving consumers is at the heart of what we do.

“The review makes clear that demand for debt advice exceeds supply, leading to the recommendation that provision should be increased by 50%. We will need to look at things differently to achieve this, including how best to engage with people who most need to access debt advice, exploring the opportunities presented by technological innovation, co-ordinated infrastructure and efficient use of channels, all whilst maintaining a focus on quality.

“No single organisation can deliver this change on its own. It will take all of us and the other organisations included in the Wyman Review working together to make sure that we can respond to the challenges set out. This important work starts now and will be led by MAS alongside the devolved administrations and the DASG.”

Responding to the review, John Glen, Economic Secretary to the Treasury said:

“When overwhelmed by problem debt, the right advice can be crucial to helping people get their lives back on track. Peter Wyman’s review has the right approach. We need to do everything we can to ensure the quality, availability and efficiency of debt advice for people all over the country. I look forward to working with the Money Advice Service and the wider sector to do this.”

Andy Briscoe, Chair of the Debt Advice Steering Group comments on the Peter Wyman Review of Debt Advice Funding

“Peter Wyman’s review shines a light on the developments that need to be made to improve the supply of high quality debt advice in the UK. I am pleased that the DASG has agreed to support delivery of Peter’s Review, and is committed to working together to implement it and to ensure lasting improvements in the sector.”

Charles Counsell, Chief Executive at the Money Advice Service responds to the Peter Wyman Review of Debt Advice Funding.

“Ensuring that over-indebted people receive high quality debt advice when they need it is a key priority for us at MAS. We believe that Peter Wyman’s review sets out a path to delivering transformational change in the years to come. We know there is a significant shortfall between demand and supply of debt advice. Improving access to advice can only be achieved by the sector working collaboratively together.”

ENDS

https://www.moneyadviceservice.org.uk/en/corporate/debt-publications

For more information please contact: Rosanna Head / 020 7947 0593 / 07966 964 991 / rosanna.head@moneyadviceservice.org.uk

Click here for The Independent Review of the Funding of Debt Advice in England, Wales, Scotland and Northern Ireland Report.

NOTES TO EDITORS

1. Peter Wyman, CBE is an experienced Chairman and Non-Executive Director with a current portfolio of appointments in the private, public and third sectors which includes being Chairman of the Care Quality Commission and of Sir Richard Sutton Limited. He was previously a senior partner in PwC and President of the Institute of Chartered Accountants in England and Wales.

Peter was at PwC for 42 years, 32 as a partner. On qualifying as a chartered accountant, he specialised in tax, acting for clients ranging from large multi-national corporations to family businesses and their owners before becoming head of the tax practice and a member of the Firm’s Board. He worked for the then Deputy Prime Minister, Michael Heseltine, on the integration of PAYE and National Insurance. He was a co-founder of the Firm’s Corporate Finance Division, leading the tax and M&A units. Finally, he became responsible for PwC’s Government Relations, Public Policy and Regulatory Matters, first for the UK and ultimately for PwC globally when he also became a member of the PwC Global Executive.

2. The Debt Advice Steering Group is an independent cross-sector group whose mission is to coordinate and improve the debt advice sector. MAS provides the secretariat for the Group and it is part of the Financial Capability Strategy for the UK. Its core membership comes from the following organisations:

  • Advice UK
  • Barclays
  • UK Finance
  • HM Treasury
  • Citizens Advice Northern Ireland
  • Money Advice Scotland
  • National Advice Network Wales.
  • Citizens Advice
  • Finance and Leasing Association
  • Money Advice Trust
  • RBS
  • StepChange

3. The Independent Review of the Funding of Debt Advice in England, Wales, Scotland and Northern Ireland looked at issues affecting some of the most vulnerable people in society who are struggling with money worries. The review was widely supported across the debt advice sector including debt advice providers, existing funders and the Financial Conduct Authority. The review sought input from a wide range of parties; debt advice providers, creditors, and funders of debt advice, to share ideas and views about what should be done in the future to address the challenges identified in Peter Wyman’s terms of reference.

4. About the Money Advice Service: The Money Advice Service is an independent organisation. It gives free, unbiased money guidance online at moneyadviceservice.org.uk or via free phone on 0800 138 7777. It also manages the delivery of free debt advice across the UK, which is provided through a variety of partners. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.

For more information, please see press release ‘Peter Wyman to head independent review of debt advice funding’ on the Money Advice Service website.

This release is issued by Money Advice Service on behalf of the Debt Advice Steering Group

The Money Advice Service is providing the secretariat for the DASG.