2016-17 Business Plan Consultation
The Money Advice Service is seeking views and comments on its draft business plan for 2016-17.
2016/17 key deliverables:
- In 2016/17 Money Advice Service will complete the process of change to become a strategic influencer and facilitator for the financial capability sector.
- We will fund help for 425,000 heavily indebted people (15% more than in 2015/16) and provide more capacity in the free debt advice sector by funding new telephone helpline capacity.
- By 2020 we will double the proportion of indebted people who seek debt advice from 17% to 34%.
- We will run a series of tests with specific target groups of over-indebted people to encourage them to seek advice before their debts become a serious problem.
- We have set out a three-year Corporate Strategy in our Business Plan, including a clear customer segmentation and targeted prioritisation of needs.
- We will carry out a nationwide campaign to help 12.6m particularly “squeezed” consumers identified in our segmentation to understand where they can cut costs on everyday spending to enable saving.
- We will conduct trials, pilots and research into money management skills, sharing the evidence base with the third sector, private sector and Government, along the successful lines of other centres of excellence dedicated to proving and communicating “what works”.
- We will support people as they transition to Universal Credit by providing a free, fast tool to help them with their household budgeting.
- 1 million children and young people will be served by delivery organisations that have signed up to building a shared evidence base about financial education, and continually refining what they do to increase its impact (the “IMPACT” principles).
Consultation questions can be found within the Business Plan. Please send your responses to firstname.lastname@example.org by 15 February 2016.
Following the consultation and final approval by the Financial Conduct Authority, we will publish our finalised plan in March 2016.