Peter Wyman’s independent review of funding of debt advice in the UK, commissioned by the Money Advice Service, has been published.

Commenting on the release of the report, Andy Briscoe, Chair of the Debt Advice Steering Group, said “I am very grateful to Peter Wyman for this critically important independent review into the funding of debt advice in the UK. Peter’s distinguished career in the private, public and voluntary sectors and his many years of working with not-for-profit organisations and vulnerable people made him the perfect person to lead this review and to engage with current and future funders of debt advice.”

“The delivery of this comprehensive report and its recommendations follows a call for evidence, gathering of economic data, and stakeholder meetings supported by a review of practice in other countries. Peter’s report challenges us all to ensure lasting improvements in the sector. We call on all parties involved with this review to consider the report and its recommendations and to deliver responses in the coming weeks.”

Joanna Elson OBE, chief executive of the Money Advice Trust, said “We welcome the publication of Peter Wyman’s independent review and its recognition of the biggest single issue facing the delivery of free debt advice in the UK – that demand already exceeds supply, and will only increase in the years ahead. The review recognises the enormous value of free-to-client debt advice to our society and economy – and is right to identify both the need for increased funding, and the potential for greater efficiency and collaboration across the sector.

“The review is published at a pivotal moment for debt advice, with Parliament currently debating the creation of the new Single Financial Guidance Body, and the Treasury consulting on the introduction of a statutory breathing space scheme. We look forward to working with partners to consider the review’s findings, and playing our part in ensuring that many more people receive the free, independent, high-quality debt advice they need.”

Charles Counsell, Chief Executive at The Money Advice Service, said “We welcome this timely and comprehensive review delivered today by Peter Wyman. Debt advice is a lifeline for millions of people throughout the UK so we are pleased that the report recognises its importance and offers a number of recommendations for how lasting improvements can be made across the sector.”

“We believe the availability of high-quality debt advice services is crucial. We will now be working through the results of the review and developing our response to the recommendations it contains. We know that there is a significant shortfall between demand for debt advice and its supply, and look forward to working collaboratively with the sector to make sure these valuable services are available to those who need them most.”

The full review can be downloaded here.