Independent Review of the Funding of Debt Advice

Peter Wyman Review of Debt Advice Funding published

The wide-ranging review makes a number of recommendations, including the following which will be of interest to debt advisers:

Free-to-client providers should commit, as a whole, to shifting 15 per cent of face-to-face demand to telephone advice, and 20 per cent of telephone demand to webchat advice.
Free-to-client providers should commit to 20 per cent efficiency savings over the next two years.
The financial services levy should be temporarily increased by £10m per year to facilitate a goal of increasing debt advice supply from free-to-client providers by 50 per cent.
All authorised debt advisers should have a debt advice qualification before they can offer debt advice unassisted.