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Policy and Government

At CAP we don’t want to just treat the symptoms of poverty; we also want to address the causes. That’s why we’re working tirelessly behind the scenes to shape and influence the policies that affect our clients. It means we get to speak on behalf of the vulnerable to the people with the power to change their lives. And our voice is growing louder.

Industry professionals seek our opinion on current issues, and our recommendations get heard in Parliament. Change is happening. Below are some of the ways in which we are fighting for justice amongst the country’s key decision-makers.

Bringing money, debt and pension advice together under a Single Financial Guidance Body

calendar13 February 2017

HM Treasury and the Department of Work and Pensions (DWP) are conducting a review to decide the future for public financial guidance. Building on groundwork laid by the Money Advice Service (MAS), Pension Wise and The Pension Advisory Service (TPAS), they are proposing to bring money, debt and pensions guidance together under a new Single Financial Guidance Body (SFGB). As a key player in the debt advice industry, CAP has responded to the consultation to welcome the proposals for a SFGB, which has the potential to deliver complex advice in order to fulfil consumer needs, such as pensions advice alongside debt advice. We stressed, however, that HM Treasury and DWP must ensure the SFGB meets consumers’ needs in practice.

Read the full document here

CAP’s official response to FCA’s Mission consultation

calendar26 January 2017

The Financial Conduct Authority (FCA) has released a consultation called Our future mission. This document seeks to engage the financial industry and help shape their business plan for the year. We have released our response, providing feedback on specific aspects such as consumer protection and the FCA’s approach to intervention. We welcomed the FCA’s desire to become more transparent and endorsed the idea of sharing lessons learnt within the industry, as well as increasing protection for vulnerable consumers. To read the full response, click on the link below.

Read the full document here

Fair treatment of mortgage customers in payment shortfall: impact of automatic capitalisation

calendar18 January 2017

The Financial Conduct Authority (FCA) estimates that 750,000 mortgage customers have been impacted by automatic capitalisation - when arrears are included in contractual monthly installment (CMI) calculations but also pursued separately through a collections process. This results in customers effectively making overpayments and could have caused problems where this was unaffordable. The FCA have issued guidance which we welcome to address this issue and compensate those that have been affected. We have responded to stress the importance of communicating this complex issue well and suggested stronger guidance where possession orders (POs) have not been exercised. Read our full response below.

Read the full document here

CMA’s draft order for retail banking market investigation

calendar22 December 2016

The Competition and Markets Authority (CMA) recently put out a draft order for consultation about the retail banking market. We were able to provide feedback on the personal current account (PCA) section. On the whole we welcomed the remedies set out in the draft, but recommended that the remedies and resources should be proportionately targeted at those who stand to gain the most. We also welcomed the obligation to publish service quality indicators and the new requirements around information. The overdraft alert remedy was particularly welcome, helping people avoid high charges for unarranged overdrafts and were able to express how the Maximum Monthly Charge remedy could be improved. Read our full response below.

Read the full document here

Reflection on the launch of The Freedom Report

calendar13 December 2016

Yesterday CAP launched The freedom report in the House of Commons, alongside the Financial Inclusion Commission, hosted by George Kerevan MP (member of the Treasure Select Committee). It was an event not to be missed, attended by over fifty senior representatives from the Credit and Debt Advice Industries and MPs. Speakers included Sian Williams, Commissioner and Head of National Services at Toynebee Hall, and Caroline Rookes CBE, CEO of the Money Advice Service (MAS). The event celebrated the results of the report, in that 93% of clients remained free of problem debt, and discussed wider lessons for the industry as a whole.

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Previous reports:

Client report 2014 Client report 2013

Introducing CAP's External Affairs team

Meet the team representing CAP and building relationships in the credit and debt advice industries, as well as the third sector and with the Government:

Dawn Stobart
Director of Debt Management & External Relations

Helen Webb
External Relations Manager

Rachel Gregory
External Relations Analyst

Daniel Kelly
Creditor Relations Manager

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