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16/02/2017

R3 welcomes government’s priority for debt advice in new single advice body

Commenting on the closure of the government consultation on the creation of a new single financial guidance body, Mark Sands, Chair of the Personal Insolvency Committee of R3, the insolvency and restructuring trade body, says:

“The creation of a new single advice body is welcome, and we’re pleased to see that the provision of readily available debt advice remains a government priority.

“It’s important that, when setting up the new body, the government does not just look at advice, but at how indebted individuals sort out their situation, including considering the stigma associated with debt and insolvency.

“It is also crucial that the new body works closely with existing debt advice stakeholders, including R3 and the insolvency profession, to break down barriers that stop indebted individuals from getting the advice they need and dealing with their debts in an appropriate manner.

“A greater understanding of the ‘journey’ an indebted individual goes on through the debt landscape would help identify barriers and establish solutions that will ensure a better long-term outcome for those in financial difficulty.”

R3's response to the consultation can be found here.

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.