Money and Pensions Service 2024-12-03
2024-12-03
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
Research shows that 7.5 million people are not receiving the debt advice they need due to cost of living crisis, leading to overestimation by the Money and Pensions Service.
What assessment has been made on funding for the Money and Pensions Service given the underestimation of demand and the exclusion of those behind with bills? The financial levy proposed is insufficient as a third of those in need borrow from buy now, pay later companies. Will the Minister meet to examine this issue?
The Government recognise a gap between those needing debt advice and those accessing it, which is why the Money and Pensions Service explores ways to improve accessibility through outreach initiatives. The funding levels are reviewed regularly.
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Assessment & feedback
Meeting to examine the financial levy model
Response accuracy
Q2
Partial Answer
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Context
Research shows that 7.5 million people are not receiving the debt advice they need due to cost of living crisis, leading to overestimation by the Money and Pensions Service.
The research from the Centre for Responsible Credit reveals 7.5 million people in this country lack necessary debt advice during a cost of living crisis, with services stretched thin. The financial levy proposed by the Money and Pensions Service does not account for those behind on bills; thus it is insufficient since one-third of those needing help borrow from buy now, pay later companies. Given regulatory delays, will the Minister meet to examine funding models and ensure exploiters contribute to repairs?
The Government are reforming buy now, pay later services as stated recently. The gap between those needing debt advice and access is recognised; the Money and Pensions Service explores ways to improve accessibility.
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Assessment & feedback
Meeting to examine financial levy model
Response accuracy
Q3
Partial Answer
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Context
The Money and Pensions Service supports individuals facing debt, especially through organisations like Christians Against Poverty. Post offices are proposed as potential platforms for Government services.
Does the Government consider increasing funding for the Money and Pensions Service not just for staffing but also to enhance its visibility and presence in local communities? Would they explore using post offices as hubs for advice and guidance?
The Money and Pensions Service commissions other charities to work with vulnerable people. The funding is regularly reviewed to reflect demand.
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Assessment & feedback
Funding for visibility and presence through post offices
Response accuracy