credit | The Money and Pensions Service

Following the publication of the Woolard Review: A review of change and innovation in the unsecured credit market, MaPS Chief Executive Caroline Siarkiewicz commented: “The proposals to bring Buy Now Pay Later under regulatory scrutiny would provide further protection for people to avoid the potentially harmful consequences of this form of borrowing which can result in people spiralling...

The Money and Pensions Service welcomes the opportunity to provide evidence and views to this Call for Input into change and innovation in the unsecured credit market. As an organisation supporting people to make the most of their money and pensions, we have focused our responses on the questions focused on the areas of consumer benefit and potential for consumer detriment from the unsecured...

Caroline Siarkiewicz, director and debt advice expert at the Single Financial Guidance Body, commented: “The news of the WageDay Advance collapse will cause uncertainty for their customers. While today’s news may tempt some to stop their repayments, it is important they carry on as normal, because customers who have entered into a loan agreement must fulfil it. “When 11.5 million UK...

In 2016, the Financial Advice Market Review (FAMR) developed initial high-level financial Rules of Thumb, in areas such as ‘cleaning up’ your finances, managing borrowing, saving regularly and focussing on your pension. The Money Advice Service (MAS) has been taking this work forward by developing a new Rule of Thumb to help young adults (18 to 24) use credit successfully. Previous MAS...

Media comment: Buy Now Pay Later/Woolard Review

Consultation response | Review into change and innovation in the unsecured credit market – the Woolard Review

Media comment: Single Financial Guidance Body responds to the collapse of WageDay Advance

Developing financial Rule of Thumb to support young people using credit

Coronavirus and personal finances