Commons Sense

House of Commons · Ministers' Questions

Money and Pensions Service

Tuesday 3 December 2024 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 3 Not answered 0

Key points

  • Stella Creasy questioned the adequacy of funding for the Money and Pensions Service, highlighting a gap in debt advice access for those behind on bills.
  • The Government acknowledged the need to improve accessibility to debt advice and are reforming buy now, pay later services.
  • Tim Farron suggested increasing funding for the Money and Pensions Service and using post offices as hubs for advice and guidance.

Topics (select to filter)

Questions & Answers

Q1 Stella Creasy Labour (Co-op) Walthamstow
Economy Benefits & Welfare
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.

Question

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?

Answer from Emma Reynolds

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.

Partly answered

Not addressed: Meeting to examine the financial levy model

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Q2 Stella Creasy Labour (Co-op) Walthamstow
Economy Benefits & Welfare
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.

Question

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?

Answer from Emma Reynolds

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.

Partly answered

Not addressed: Meeting to examine financial levy model

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Q3 Tim Farron Lib Dem Westmorland and Lonsdale
Economy Benefits & Welfare Local Government
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.

Question

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?

Answer from Emma Reynolds

The Money and Pensions Service commissions other charities to work with vulnerable people. The funding is regularly reviewed to reflect demand.

Partly answered

Not addressed: Funding for visibility and presence through post offices

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