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Press comment: Temporary relief for credit is crucial to protect the vulnerable

4 April 2020

If you are covering the FCA’s proposals to bring temporary financial relief for customers impacted by coronavirus, please see the following commentary from Quilter corporate affairs director, Jane Goodland:

“These measures are welcome and will help protect people for a short while, particularly those who are most vulnerable and reliant on credit for day to day living expenses. The predicament of those at risk of losing or reducing their income at this time should not be further exacerbated by a growing debt burden if they have nowhere else to turn in the short term. Statistics from the Money Charity this week show that the UK holds £72 billion in credit card debt, a significant proportion of which is deemed ‘persistent’ – meaning more has been paid in interest and charges than the balance for 18 months – and that on average we have more than £4,000 in unsecured debt per adult.

“This level of financial vulnerability on such a wide scale is damaging to our national economic health, our mental wellbeing and the stability of our personal relationships.The government will also need to look at the longer term impact of this crisis on people’s finances, including the need to tackle the huge gap in financial capability in the UK. 

"In recent years there have been numerous interventions designed to tackle the consequences of financial difficulty, such as the FCA stepping in to cap payday lending costs. The risks of misuse of credit are far more acute in a crisis when people are desperate for help and over the long term more must be done to address the root cause which is our lack of financial literacy in the UK.” 

For more information contact

Tim Skelton-Smith
023 8091 6998 
078 2414 5076 
tim.skelton-smith@quilter.com

Notes to Editors:

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 £95.3 billion in customer investments (as at 31 March 2020).

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 and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

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

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.