On Tuesday 24th April, MPs debated the Report Stage and Third Reading of the Financial Claims and Guidance Bill in the House of Commons. We applaud and support the aims of the Bill to ensure access for all to free and impartial money guidance, debt advice and high-quality claims handling services. The opposition broadly supported the Government’s Bill but called for a full ban on cold calling by Claims Management Companies, which we, the CCTA, support.

We welcome the move to provide Debt Respite for those in Mental Health care – an issue that we consider to be part of the wider responsibility that our members have towards their customers in ensuring they are treated fairly if they encounter repayment difficulties through unexpected circumstances.

Access to credit for all is a vital part of a well-functioning economy and we know that lack of access to financial services can contribute to mental health issues through the plethora of other social and economical difficulties this creates.

At CCTA, we will always campaign for access to responsible, fair and affordable credit to be available. Regulation, when applied appropriately, does indeed help to ensure healthy, functioning markets. But over-regulation can, as we know, create a multitude of unintended consequences with negative impacts on both the consumer and business.

We therefore support the Minister’s view that the new Single Financial Guidance Body’s role is to provide impartial advice rather than regulate the market.