25th September 2018, Glasgow (The Pentagon Centre, Glasgow)


On 25 September 2018, Money Advice Scotland will hold an information event for members on the new rules on persistent credit card debt.

This information event for members will provide an overview the new rules, as well as offering the opportunity for advisers to feed back to key decisionmakers on any early insights of the changes and the implications for debt advisers and their clients. 

We are delighted that Paul McCarron of UK Finance will present to members on the operational approach from credit card firms, with another speaker still to be confirmed.

The event is scheduled to run from 11:30 to 13:30, and close with lunch provided.



From September 2018, rules will take effect placing new obligations on credit card firms when it is identified that customers are in persistent debt.

The FCA estimate that more than 3m credit cardholders – with a total of 4m accounts – are in persistent credit card debt.

Persistent debt is defined as where, over a period of 18 months, a customer pays more in interest, fees and charges than they have repaid of the principal.  It is expected that the new rules will save billions of pounds for millions of customers, peaking at up to £1.3bn a year in lower interest charges.

However, there are clear implications for the advice sector in that up to 4m customers will be contacted and made aware of the availability of debt advice services.

At a time when money advice services in Scotland have experienced local authority funding cuts of 45% across two years, the changes will potentially bring more pressure on advice providers.

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