Money Advice Service

HM Treasury written question – answered on 20th February 2017.

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Photo of Johnny Mercer Johnny Mercer Chair, Defence Sub-Committee, Chair, Defence Sub-Committee

To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.10 of the Government's response to the independent review of the Money Advice Service, published in March 2015, when his Department plans to publish the terms of reference for an in-depth review of the impacts of additional statutory consumer protections.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

The government response to the Independent Review of the Money Advice Service was published by the coalition government. This government shares the view that it is essential to ensure the right options and incentives are available to consumers to help them deal with their debts.

The government is considering in detail the impacts of additional statutory consumer protections, ensuring that any potential changes would fit well with the formal and informal debt solutions currently available to consumers. For example, the government has committed to exploring whether some form of ‘breathing space’, a statutory period of protection from repayment and enforcement action, would be a useful and viable addition to the current range debt solutions available to consumers and creditors.

Work is continuing on this review, and the government plans to report back shortly.

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