Media comment: FCA thematic review on debt management

Thursday 25 June 2015

Responding to the FCA’s thematic review on debt management, Lesley Robinson, UK Debt Advice Director for the Money Advice Service, said:

“This review’s findings are clearly disturbing and present a challenge to the debt management sector. However, we would urge those who are experiencing problem debt not to be put off from seeking debt advice as soon as possible. We know that 9 in 10 people who seek debt advice go on to take action to reduce their debts1, changing their lives for the better. And everyone should know that free debt advice is available, throughout the UK – no-one should pay for receiving debt advice or indeed debt management.

“There now needs to be a period of greater scrutiny and significant improvement in the debt management sector, to eliminate the practices that have been revealed. It is vitally important for people who seek out debt advice that the organisations they access, and the advisers that they engage with, are operating to the highest standards. For our part, we will continue to work closely with the FCA to ensure there is high quality, free debt advice available to all who need it as well as improving standards and consistency of advice across the sector.”

-ENDS-

1 The Money Advice Service Debt Advice Review, 2013/14, August 2014

2 Our Debt Advice Locator Tool at www.moneyadviceservice.org.uk/debt will help you find the right free online, phone or face-to-face debt advice provider for you.

Contact: Money Advice Service Press Office on 020 7943 0593 or press.office@moneyadviceservice.org.uk