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Extra £38 million for debt support in England in the wake of coronavirus

Money and Pensions Service predicts UK need for debt help will increase 60% by the end of 2021People urged to take action as soon as possible, to avoid debt problems in the future An additional £37.8 million to fund the provision of debt advice and other support for people suffering money difficulties in the wake of the coronavirus outbreak has been secured by the Money and Pensions...
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Defined Benefit pension transfers – MaPS urges consumers to get guidance: media comment from the Money and Pensions Service

Commenting on the measures announced today by the FCA into the Defined Benefit pension transfer market, Carolyn Jones, Head of Pension Policy and Strategy at the Money and Pensions Service, said: “The FCA is right to say it will be in most people’s best interests to remain in their Defined Benefit pension but we recognise that everyone’s situation is different. Some people may be...
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FCA confirmation of the extension of mortgage payment holidays: media comment from the Money and Pensions Service

Commenting on the FCA’s confirmation of the extension of mortgage payment holidays, Andrew Johnson, money expert at the Money and Pensions Service said: “It is positive that flexibility will continue to be available to people facing temporary money issues but it’s really important anyone taking a break from paying their mortgage understands the implications. Your future payments will...
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Guardians of Financial Wellbeing: New advisory group to Money and Pensions Service Board

A new group of top-level executives from the worlds of finance, consumer rights, research and technology is being convened to ensure the Money and Pensions Service (MaPS) delivers on its mission of everyone making the most of their money and pensions, and so that the UK Strategy for Financial Wellbeing is as successful as possible in hitting its ambitious ten year goals. Unveiled by the...
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FCA proposals to help motor finance and high cost credit customers: media comment from the Money and Pensions Service

Commenting on the FCA’s proposals to help motor finance and high cost credit customers during the Covid-19 crisis, Nick Hill, money expert at the Money and Pensions Service said: “The new measures proposed today provide a new option for customers using motor finance and high-cost credit, and could be helpful for people who are experiencing temporary payment difficulties. When these...
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Pensions Dashboards Programme sets out broad plans for future development

The Pensions Dashboards Programme is today publishing its first full report on the progress made so far and the work that needs to be undertaken before the service launches to the public. Commenting on today’s update, Chris Curry, Principal of the Pensions Dashboards Programme at MaPS, said: “The vision of the Pensions Dashboards Programme could not be simpler – to enable...
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COVID-19: Savers – stay calm and don’t rush financial decisions

Today (Wednesday 1 April), regulators are urging savers to keep calm and not rush to make any decisions about their pension in response to the COVID-19 pandemic. The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), supported by the Money and Pensions Service (MaPS), say fears over the impact of the pandemic on markets and personal finances may make savers more...
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Collapse of rent-to-own firm Brighthouse: media comment from the Money and Pensions Service

Commenting on the collapse of rent-to-own firm Brighthouse, Andrew Johnson, Money Expert at the Money and Pensions Service, said: “Even though Brighthouse has gone into administration, customers should still keep up with their normal repayments unless a payment holiday has already been agreed. At this particularly difficult time for many families, anyone who is going to struggle to make...
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Self-employed income support scheme: media comment from the Money and Pensions Service

Chancellor Rishi Sunak has today announced details of a package to help support people who are self-employed during the coronavirus outbreak – the Self-Employed Income Support Scheme. MaPS money expert Nick Hill said: “This is an extremely worrying and uncertain time for everyone, and particularly people who work for themselves. While the package announced by the government is being put...
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Media comment: Budget announcement

Commenting on the Budget Nick Hill, money expert at the Money and Pensions Service said: “The government has announced changes to the way statutory sick pay works for people who contract coronavirus or have to miss work as they have been advised to self-isolate. Your rights depend on your employment status and earnings. If you’re an employee, you should be entitled to statutory sick pay...
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