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Press comment: Breathing space scheme welcome but financial education still required

19 June 2019

If you are covering the government’s new Breathing Space scheme, which enables individuals with problem debt and mental health issues to get further protections while they receive treatment, please see the following comment from Jane Goodland, corporate affairs director at Quilter:

"Most of us have wished for a pause button in our life so we can catch up. For those in debt that can feel more acute as they can often feel like a ride that you can’t get off. There are new twists and turns everyday making it feel impossible to catch up on payments. 

"The government’s breathing space scheme recognises this challenge and grants these people a much needed pause. Importantly, it acknowledges that those with mental health difficulties should also be granted a pause.

"However, once implemented the government needs to carefully measure the success of this policy and whether or not it truly helps the population not only get out of debt but stay out of debt. Habits are hard to change, particularly when older and policy makers should look at how financial education can both help those who have had debt as well as the upcoming generations
."

For more information contact

Alex Berry
023 8072 6260
07741 151931
alex.berry@quilter.com

Kathleen Gallagher
023 8072 6293
07990 004932
kathleen.gallagher@quilter.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 £114.9 billion in investments (as at 31 March 2019).

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: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

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

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

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.