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The Financial Guidance And Claims Bill

HM Government have committed to implement a ‘breathing space’ scheme, with safeguards implemented to prevent abuse. The intention is that someone with serious debts may apply for legal protection from further interest, charges and enforcement action for a period of up to six weeks. They would be offered, where appropriate, a statutory debt repayment plan (“SDRP”) to help them repay their debts in a manageable way, and to receive legal protection from creditor action during that SDRP.

The Financial Guidance and Claims Bill will legislate for the creation of a new single financial guidance body to simplify the current landscape. This new body will replace the Money Advice Service (“MAS”), The Pensions Advisory Service and the Department for Work and Pensions’ ‘Pension Wise’ service. The body will take on MAS’s role in funding free debt advice for clients.

It is anticipated that regulations will be laid during 2019, and that a Treasury ‘blueprint’ will be issued in Autumn 2018.

Posted: 17.07.2018
Tags:  newsletter

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