Media Comment: Response to Public Financial Guidance Consultation

Wednesday 8th June 2016

Caroline Rookes, Chief Executive for the Money Advice Service comments:

“The new money guidance organisation and pension guidance body can learn a great deal from the work carried out by the Money Advice Service. Our debt advice work continues to go from strength to strength. Since we took on this responsibility in April 2012 the productivity of our funding for debt advice in England and Wales has increased by 176%*. The UK Financial Capability Strategy has also gained significant momentum since launch last October with launches for our £7 million What Works Fund, the IMPACT Principles and Evaluation toolkit. Collaboration has been the key to this success and it is important that the two organisations work closely together to build on these foundations and ensure that the needs of consumers remain at their core.

“We recommend that the new money guidance organisation should go beyond commissioning to include leadership and co-ordination across the financial capability and financial education landscapes as it currently does in the debt sector. The remit needs to strike a balance between commissioning interventions and services and influencing quality and consistency of provision across the debt advice, money guidance, financial capability and financial education sectors. It should base its activities on dynamic and robust evidence and effective monitoring will be required to ensure that value for public funds and continuous improvement are achieved.

“The Money Advice Service will continue work with HMT and DWP to lay the ground work for the new organisation.”

The full response to the Public Financial Guidance Consultation can be found here

*MAS analysis based on clients helped per £100 of MAS funding in England and Wales, in 2012 and year to March 2016