Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether he plans to increase funding for organisations that deliver free impartial debt advice.

The government set up the Money Advice Service (MAS) in 2010. It spent just under £49 million on its debt advice work last year. This led to more than 440,000 free-to-client debt advice sessions being delivered across the UK. This funding comes from the Financial Services Levy. The level of funding is determined by the Financial Conduct Authority (FCA) after consultation with MAS and the broader financial services industry.

The government is also fundamentally reforming the publicly-funded debt advice landscape. The Financial Guidance and Claims Bill, currently in the Lords, will bring together the Money Advice Service, PensionWise and The Pensions Advisory Service to form a single financial guidance body. Efficiencies created from the merger mean that the new body will be able to direct further resource to the front line.