Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service said:
“This Enforcement Notice from the Committee for Advertising Practice (CAP) is another welcome development for those who are struggling with debt.
“Over the last two years MaPS – which is the largest single funder of free debt advice in England – and the debt advice charities we fund, have contributed evidence to the Advertising Standards Authority which works with CAP, about the potential harms of this type of advertising. Our concern is that this advertising misleads consumers about the service that they are receiving. This may ultimately result in people entering into a debt solution that may not be suitable for their circumstances and may lead to further problems down the line.
“We know that people struggling to keep on top of bills and payments can often feel overwhelmed, particularly as people feel the pressures of the rising cost of living. Therefore, it’s really important that people know that free impartial debt advice is available and where they can find debt solutions that are tailored to their circumstances. Anyone who is worried about their money situation can visit the Debt Advice Locator Tool on our MoneyHelper website to find free high quality debt advice to help them find a way forward.”
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits, and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through MoneyHelper, which recently brought together legacy services the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).
For further information visit the Money and Pensions Service website: www.maps.org.uk The public can get free guidance about their money and pensions: www.moneyhelper.org.uk / 0800 138 7777.