Credit Counts

The Money and Pensions Service welcomes the opportunity to provide evidence and views to this Call for Input into change and innovation in the unsecured credit market. As an organisation supporting people to make the most of their money and pensions, we have focused our responses on the questions focused on the areas of consumer benefit and potential for consumer detriment from the unsecured...

Policy managers Zoe Renton and David Marjoribanks share six pilots funded by the Money and Pensions Service (MaPS) to test scalable ways to build financial wellbeing. Children and Young People Pathfinders: testing the delivery of financial education at scale Our £1.8m Children and Young People (CYP) Pathfinder programme tests the delivery of financial education at...

MaPS responds to the FCA’s research into understanding consumer financial wellbeing through banking data. James Fearnley, Corporate Policy and Propositions Manager at the Money and Pensions Service said: “We welcome the publication of this valuable report, which matches consumers’ perceptions of their own wellbeing with banks’ transactional data, such as...

The Money and Pensions Service welcomes the opportunity to provide feedback on thesetwo pieces of proposed guidance for firms on how to support consumers at the end of theperiods of payment deferrals on overdrafts and wider consumer credit. Download report

The Money and Pensions Service welcomes the opportunity to respond to the Financial Conduct Authority’s Call for Input on ongoing support for consumers affected by coronavirus: mortgages and consumer credit. Download report

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...

This Mental Health Awareness Week, the chief executives of Mind and the Money and Pensions Service talk about the increasingly familiar link between money and mental health, and how the mental health and financial sectors are working together to respond to people’s changing needs during the coronavirus outbreak and beyond. Paul Farmer, CEO of Mind Money and mental health are often...

Commenting on the FCA’s proposals to help motor finance and high cost credit customers during the Covid-19 crisis, Nick Hill, money expert at the Money and Pensions Service said: “The new measures proposed today provide a new option for customers using motor finance and high-cost credit, and could be helpful for people who are experiencing temporary payment difficulties. When these...

Consultation response | Review into change and innovation in the unsecured credit market – the Woolard Review

Building financial wellbeing at scale: six pilots for children and working-age adults

Media comment: FCA’s research into financial wellbeing

FCA additional guidance for firms on consumer credit and coronavirus, and overdrafts and coronavirus

Consultation response: FCA Call for Input on ongoing support for consumers affected by coronavirus – mortgages and consumer credit

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

Mental health and money: how Covid-19 could create the perfect storm

FCA proposals to help motor finance and high cost credit customers: media comment from the Money and Pensions Service

Managing money in uncertain times