Topic 5: Information + guidance for retail customers Flashcards
What is the ‘Money and Pensions Service’ (MaPS)?
Launched in 2019, it is an arm’s-length body sponsored by the Department for Work and Pensions.
It provides:
1) Pension guidance
2) Debt advice
3) Money guidance
4) Consumer protection
5) Strategy
What is the ‘Money Advice Trust’ (MAT)?
Founded in 1991 as an independent charity, the MAT aims to help people across the UK tackle their debts and manage money with confidence.
The charity gives free, independent advice via telephone and online services, the National Debtline and Business Debtline.
What is the ‘Common Financial Statement’ (CFS)?
The MAT has been instrumental in setting up the CFS, a tool creating a uniform approach to how budgets are prepared to encourage consistent responses from creditors to offers of debt repayment.
What is ‘CASHflow’?
A free online tool provided by the MAT to help people with their household budget and help them working out how much they can afford to repay towards their debts.
What is ‘Citizens Advice’?
An extensive network of independent charities that offer free confidential advice online, over the phone and in person.
What is ‘StepChange Debt Charity’?
A charity which helps people living in the UK with debt problems via its free national phone service and online debt assessment tool - ‘Debt Remedy’.
What are the 5 goals of MaPS’s 2020-30 strategy?
1) 2m more children and young people getting a meaningful financial education
2) 2m more working age people saving regularly
3) 2m fewer people often using credit for food and bills
4) 2m more people accessing debt advice
5) 5m more people understanding enough to plan for, and in, later life
