Money and Pensions Service publishes second stage of debt advice strategy

The consultation is the second of three stages and follows the conclusion of stage one (evidence-gathering). Once all stages are finished, the completed strategy will outline how MaPS will approach debt advice up to 2028.

In 2021/22, MaPS undertook a major commissioning exercise for debt advice. Following this, it committed to a public consultation aimed at helping to shape its future strategic approach in this area and to understand the best ways to commission national and community-based services long term.

The consultation is for organisations and individuals involved in delivering debt advice, organisations that support it, organisations that refer their clients and customers into it, organisations that fund it, and other interested stakeholders.

MaPS will now seek feedback and views on the proposals and possible areas of future focus covering its role as a commissioner for debt advice services and the strategic issues within the debt sector. MaPS is also keen to understand alternative or complementary proposals and ideas on the role it could take.

Consultation responses and feedback received through this process will help to prioritise and shape the next steps. 

See full instructions on how to submit a response.

The final stage of the strategy (engaging with the market and leading into commercial activity) will begin after the completion of stage two.

MaPS is also publishing a third piece of independent research today, with the latest one looking at debt sector funding and operating models. The previous two provided valuable insights into the debt advice landscape and barriers to seeking advice.

Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service, said: 

“I’m delighted to be publishing our proposals as we move into the next stage of our debt advice strategy. It marks the conclusion of stage one and I’m extremely grateful for the efforts of everyone involved, particularly the advisory panels of debt advisers who worked so closely with us. 

“There’s a growing and urgent need for debt advice, but there’s still a real gap between the number who need help and those who actively seek it. There are also increasing challenges facing the sector and these are both pivotal to our strategy and integral in how we commission services going forward. 

“Debt advice can be life-changing and working together with the sector, MaPS aims to give more and more people the help they need. We’re asking for your ideas and insight to help us achieve this crucial goal.”

– ENDS –

1. See full details of the consultation
2. The three pieces of independent research published by MaPS are:
   - Motivations and barriers to seeking debt advice
   - Debt advice in the post-pandemic landscape 
   - Funding and operating models of debt advice