Credit Management APRIL 2019

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EDITOR’S COLUMN A cacophony of confusion over debt advice funding Sean Feast FCICM Managing Editor I’M pleased to see that since Credit Management first dared to raise its head above the parapet on the issue of future funding for debt advice, there are plenty of others who are now more than happy to stick their two penneth in and add to the debate. Peter Wallwork and his colleague from the CSA, Henry Aitchison, refer to it in our lead article (see page 22) as a ‘money merry go round’, a cacophony of confusion over funding channels and sources. They believe firmly that any future funding contributions need to be fair, equitable and transparent, and that any future thinking also remembers that it is not only the financial services sector that benefits. John Pears of Lowells (see page 14) agrees. He is far from precious about the mechanism, but thinks, simply, that if you benefit from it, you should pay for it. He says there is currently a £20 million shortfall in funding, and believes that if everyone paid their fair share, this gap could be closed. He also thinks that Lowell’s clients could help, perhaps by not selling to those who take out, without putting in. Phil Andrew, Chief Executive of StepChange Debt Charity also takes a refreshingly honest and open stance on future funding (see page 18). He recognises full well the need to demonstrate further efficiencies in the services StepChange delivers, and has grand ambitions around the benefits of early intervention. He echoes John Pears’ sentiments: “If everyone paid who should, we would receive £69 million a year from FS firms, and not the £48 million we receive currently, and that would make a significant contribution to our future growth plans.” What they can all agree on too is that the need for debt advice is growing, and that intelligent and well-informed collaboration and co-operation is what is required moving forward. Peter Wallwork says as much in his piece: “There is general consensus that ‘something must be done’ and it is pleasing to report that following many conversations, debates, and discussion alike, actionable steps are now being put in place.” We look forward to learning more about these steps in future issues. The Recognised Standard / www.cicm.com / April 2019 / PAGE 4
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Credit Management APRIL 2019

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