MAS develops a new approach to debt advice

MAS proposes a new approach to debt advice, targetting consumers who regularly miss bill payments or feel overwhelmed by their debts.

MAS develops a new approach to debt advice

A strategic approach to debt advice commissioning‘ sets out a new vision and direction for the way debt advice will be commissioned by MAS between 2018 and 2023.

The draft strategy sets out a plan for collaboration with stakeholders across a range of sectors to ensure inclusive services are provided for the people that need them the most in the UK.

Under these proposals, MAS would work with partner organisations to:

  • Identify and target priority groups within the over-indebted population;
  • Deliver debt advice and money guidance services which meet the needs of the population most effectively;
  • Develop a clear view of the client from the point they access debt advice to when their issues are resolved;
  • Establish a clear career development route for advisers in our services;
  • Embed crisis debt advice services within a network of holistic support services;
  • Build services that make the best possible use of existing and emerging technologies.

Sheila Wheeler, director of debt advice at MAS, said: “The needs of over-indebted people are at the heart of this draft strategy to deliver better, more inclusive debt advice for those who need it most.

“To deliver the strategy we will need to build stronger and greater collaborative partnerships with those who deliver debt advice across the UK. These partnerships will enable us to innovate and pilot new ways of reaching the people who need these services the most.”

MAS wants to hear about the evidence, insights and views of organisations working in a range of finance sectors. It said receiving this feedback is critical in informing and shaping the future direction of the strategy.

The strategy has been developed by MAS following analysis of the current and future need for debt advice services, as well as a review of the quality and impact of existing services.

As part of this analysis MAS found innovation is needed for debt solution products, the customer service journey, market branding and the relationships between debt advice providers and creditors.

Stakeholders are invited to share their views on ‘A strategic approach to debt advice commissioning’ by Wednesday August 30.