Today (3 March 2021) I am putting forward an amendment to the Financial Services Bill that aims to support financial education by formalising the provision of debt advice.

Its purpose is straight forward – to ensure that those who are within the Statutory Debt Repayment Plan scheme will receive debt advice.

The full wording of the amendment:

Page 40, line 30, at end insert—

“(d) provision for individuals in the scheme to receive debt advice.”

Amendment 53, Lord Holmes of Richmond, Committee Stage Day 4, Financial Services Bill, House of Lords, 3 March 2021.

It is clear that debt advice must form a critical feature of the new arrangements.

I also wanted to bring forward a more general amendment concerning financial education – accessible at every stage of life, from primary school onwards.  It was not possible to bring that within the scope of this current bill so I put it that this amendment – regarding the provision of debt advice – has both specific applicability and can also be read more broadly.

I hope the Government will give the amendment serious thought.

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