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.
“If you’re thinking about taking a high-cost loan, it’s a good idea to pause and assess your options, which might include looking for more affordable credit products. If you’re not sure where to start, you can use the Money Navigator Tool on the Money Advice Service website to get personalised guidance on how best to deal with money difficulties.”
-ENDS-
For media enquiries contact:
- MaPS Press Office 020 8132 5284 / media@maps.org.uk
- Ben Infield, press officer 020 8132 4696 / benjamin.infield@maps.org.uk
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime.
The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and helplines:
www.moneyadviceservice.org.uk / 0800 138 7777