Uncategorised | The Money and Pensions Service

The Money and Pensions Service (MaPS) is encouraging people to pay extra attention to their financial wellbeing during the coronavirus pandemic, and to consider what protective steps they can take now to avoid money worries later on. With coronavirus likely to cause disruption for a significant amount of time this year, the government-backed organisation is urging people to spend some time...

James Fearnley, Corporate Policy & Propositions Manager at the Money and Pensions Service said: “It’s good the FCA has examined the important issue of re-lending practices. Given the report was conducted before the extra hit from Covid-19 it’s now even more important that consumers take time when making decisions and bear in mind the long-term implications of using high-cost credit....

The Covid-19 crisis has seen consumers having to take payment holidays to get them through. Ben Page, CEO of Ipsos MORI and chair of a steering group on credit use, explores which consumers use credit for essentials, how coronavirus has impacted credit use, and how the UK Strategy for Financial Wellbeing is responding. I was honoured to be invited to chair the Use of Credit Challenge...

Responding to figures released today by UKFinance, showing there have been payment deferrals on more than 1.7 million credit cards and personal loans in the wake of Covid-19, Valentine Mulholland, Senior Policy and Propositions Manager at the Money and Pensions Service, said: “Payment breaks on mortgages, credit cards, loans and other products have been a lifeline during the...

Results of behavioural trials published Behavioural trials to explore more effective ways of prompting people who phone their pension provider for retirement information to take Pension Wise guidance could increase the take up of appointments by around three times when compared with the current signposting to this group. The research, conducted by the Behavioural Insights Team on...

Research conducted by the Behavioural Insights Team on behalf of the Money and Pensions Service (MaPS) tested two potential routes when customers asked their providers about access to their workplace savings, either offering to make a Pension Wise appointment for them or transferring them to a member of the Pension Wise booking team who could explain the offer and make an appointment. This...

Andrew Johnson, money expert at the Money and Pensions Service said: “The extension of support measures confirmed today, including for motor finance and high-cost credit customers, could be helpful for people who are experiencing temporary payment difficulties, as we know that Covid-19 is continuing to affect people’s finances. It’s really important that people speak to firms to find out...

Andrew Johnson, money expert at the Money and Pensions Service said: “The extension of support measures confirmed today for credit card, personal loan and overdraft customers could be helpful for people who are experiencing temporary payment difficulties, as we know that Covid-19 is continuing to affect people’s finances. It’s really important that people speak to their lenders to find out...

Over 1 million people have already looked to the Money and Pensions Service for help with impact of Covid-19Money Navigator tool will help many people find money support now to avoid future debt problems The Money and Pensions Service is launching a new online tool to help people navigate their finances in the wake of Covid-19 and avoid financial issues worsening in future, as the...

Commenting on the news that payday lender Sunny has gone into administration, Craig Simmons, Head of Debt Policy and Strategy at the Money and Pensions Service, said: “This will be an uncertain time for Sunny customers. While you may be tempted to stop your repayments, it is usually best to keep to your regular schedule so you fulfil the loan agreement you have entered into. If you miss...

People urged to consider financial wellbeing during coronavirus pandemic

Media comment: FCA’s review of re-lending by firms that offer high-cost credit

Credit Counts: Reviewing how the UK uses credit

Media comment: “Start work now to get finances back on track” – MaPS comment on payment deferral figures

Additional provider nudges result in more Pension Wise appointments

Pension Wise: The Stronger Nudge

Media comment: FCA’s continued support of car finance and high-cost credit customers

Media comment: FCA’s continued support of credit customers

New online tool to help people navigate finances in the wake of coronavirus

Sunny collapse: Guidance for customers

Coronavirus and personal finances