On 5 August 2020, the FCA published Consultation Paper 20/16: Debt advice levy rates for 2020/21 – Additional funding (CP20/16).
The Department for Work and Pensions (DWP) has notified the FCA that it must collect an additional £14.2m for the Money and Pensions Service (MaPS) in 2020/21 to provide debt advice in England. This is so that the MaPS can respond to the COVID-19 crisis and the expected increase in debt advice. HM Treasury has also notified the FCA that it must collect an additional £2.087m for the provision of debt advice in the Devolved Authorities, to maintain capacity in light of the COVID-19 crisis within Scotland, Wales and Northern Ireland.
In CP20/16 the FCA is consulting on the rates at which it proposes to charge its levies for the additional amount of funding for debt advice notified to it by HM Treasury and the DWP. The deadline for comments on CP20/16 is 30 September 2020.