Money Advice Service partners with StepChange charity
Category: Industry News, Partnership, Professional Services, Finance
The Money Advice Service and StepChange Debt Charity have announced a new partnership to help people who may be affected by changes to the debt management sector…
After the transfer of consumer credit regulation to the FCA in April 2014, a number of debt management firms have left the market while existing firms are currently in the process of applying for FCA authorisation.
The Money Advice Service has put in place a prudent contingency plan to help any affected clients who may otherwise be left without a debt management provider.
Those customers will now have access to impartial debt advice since the Money Advice Service has begun funding the StepChange Debt Charity to set up a special service to provide free advice and support over the phone.
Caroline Siarkiewicz, Head of the UK Debt Advice Programme for the Money Advice Service, said they welcomed the FCA’s increased scrutiny of debt management companies.
“It is important that those customers whose debt management company leaves the market are able to access high quality, free debt advice to help them decide the best course of action and get their finances back on track,” said Caroline.
“This is the first time we have worked in partnership with StepChange Debt Charity and we are pleased to be providing funding to deliver these vital additional debt advice services over the coming year.”
Mike O’Connor, Chief Executive of StepChange Debt Charity, added: “We are delighted to be working in partnership with the Money Advice Service.
“Dealing with debt can be an extremely stressful and difficult time and it is essential that the people affected by firms leaving the market have somewhere to turn where they can get free and independent advice.
“This funding means that substantial extra advice and support will be available in the coming months.”
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