A recent partnership between the Money Advice Service and StepChange Debt Charity has been announced, enabling clients to have access to impartial debt advice.
A fall in the number of debt management firms in the market since the transfer of consumer credit regulation to the FCA has resulted in the need for the new partnership; to fill the gap by offering free advice and support.
The Money Advice Service has set aside £3.8m in its business plan to support clients whilst StepChange will be hiring 100 new advisers specifically to assist clients of commercial debt-management providers.
Mike O’Connor, Chief Executive of StepChange, says he is delighted with the partnership and highlighted the importance of providing customers with advice and support.
The full press release can be read here.