Caroline Siarkiewicz, director and debt advice expert at the Money and Pensions Service said:
“The Money and Pensions Service welcomes this Public Statement which sets out how government intends to work collaboratively to help people with debts owed to the public sector. We would encourage government to use the Standard Financial Statement (SFS) which offers best practice on how to assess affordability of repayments but which is only used by 19% of local authorities and is not currently used as standard by central government creditors.
We work closely with the Cabinet Office and look forward to supporting further improvements via The Fairness Group.”
About the Money and Pensions Service
The Money and Pensions Service vision is people making the most of their money and pensions.
The new organisation brings together the free services delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise.
The Arms-Length organisation is sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people have access and guidance to the information they need to make effective financial decisions over their lifetime. The organisation will also engage with HM Treasury, which is responsible for policy on financial capability and debt advice.
Working hand-in-hand with stakeholders throughout the UK, the Money and Pensions Service will ensure that money and pensions guidance is available to those that need it, adapting to people’s changing needs throughout their lives, offering services and appointments over the telephone, online and in person where appropriate.
The Money and Pensions Service will also be responsible for delivering and overseeing pensions dashboards, to help people access their pensions information online, in partnership with the DWP. An industry delivery group will be brought together by the Money and Pensions Service, which will set out a clear timetable and roadmap to drive progress towards fully operational dashboards throughout 2019.
For further information for stakeholders, visit the new Money and Pensions Service website www.moneyandpensionsservice.org.uk.
Resources and research around financial capability can be found at www.fincap.org.uk.
Consumers can continue access free guidance about their money and pensions via the following websites and help lines:
www.moneyadviceservice.org.uk / 0800 138 7777
www.thepensionsadvisoryservice.org.uk / 0800 011 3797
www.pensionwise.gov.uk / 0800 138 3944