Financial Services Bill Amendment: Provision of Debt Advice

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.

Financial Services Bill Amendment: Improving Small and Medium-Sized Enterprises (SME) rights by permitting rights of action for breaches of Financial Conduct Authority (FCA) handbook.

Financial Services Bill Amendment: Introducing a Review of Financial Services Regulations.

Financial Services Bill Amendment: Adding a Financial Inclusion Objective to the Remit of the Financial Conduct Authority

Financial Services Bill Amendment: Duty to Report on Environmental, Social and Governance Status of Funds

Financial Services Bill Amendment: The Case for Regional Mutual Banks

Financial Services Bill Amendment: Lead Generators – Time for Regulation

Financial Services Bill Amendment: Updating the Know Your Customer [KYC] -Identity Verification- Process

Financial Services Bill Amendments: Timetable and Funding for SDRP Arrangements

Financial Services Bill Amendment: Sale of Mortgage Loan Books

Financial Services Bill Amendment: Financial Policy Committee & Financial Exclusion

Financial Services Bill Amendment: Review on Cashback Without Purchase