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Press comment: 'Breathing space' scheme will not tackle gap in financial capability

24/10/2017

If you are covering government proposals for a ‘breathing space’ scheme for those with problem debt, please see the following comment from Old Mutual Wealth responsible business director, Jane Goodland:

Jane Goodland“Whilst breathing space for those struggling with problem debt is welcome, we cannot avoid tackling the fundamental issue of a massive gap in UK financial capability.  

“The new ‘breathing space’ scheme  is yet another example of symptomatic treatment of consumer financial problems. In recent years we have seen numerous interventions designed to tackle the consequences of financial difficulty, from the FCA stepping-in to cap payday lending costs to a ban on pension cold-calling.

“These measures are admirable and will help protect vulnerable consumers. Nonetheless, they are a sticking-plaster to the symptoms of a lack of knowledge and capability when it comes to managing our financial lives. Last week’s FCA survey of consumer financial wellbeing highlighted yawning gaps in our financial knowledge, and these need to be addressed in order to empower people to enhance their own financial health.

“In order to tackle the root cause of financial struggle, more needs to be done to improve financial capability across the board, starting with an effective programme of financial education integrated into the primary school curriculum.”

 

Old Mutual Wealth supports KickStart Money, a ground-breaking collaborative project that aims to take financial education to over 18,000 primary school children and  supports calls for financial education to become a compulsory element of the Primary National Curriculum.

For more information contact

Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.