Money Matters Meeting

Caxton House 16 March 2015

Attending:

John BakerDWP (Chair)

Marilyn Baldwin OBEThink Jessica

Caroline JacksonPartnership

Gilly CrosbyCentre for Policy on Ageing

Jenny BorrittCommunications Consumer Panel

Elcena Jeffers MBE Elcena Jeffers Foundation (EJF)

John WelhamFuture Years

Mike DugganCivil Service Pensioners’ Alliance

Jenni BucklandAdvant-age

Fiona LennoxCommunications Consumer Panel

Tony MuddSt. James's Place

Sally WestAge UK

Louca HepburnDWP

Faye MoutzouriEquity Release Council

Rebecca Langford Money Advice Service

Tony Crane Just Retirement

Phil FreemanAlzheimer’s Society

Andy ChaplinFoundations

Ian PriceDWP National Partnerships Team

Bharti MistryThe Papworth Trust

Apologies:

Barry Wilford

Tony Crane

Nigel Waterson

Jo Connell

Lauren Hoy

Barbara Douglas

1. Welcome

John welcomed everyone to the meetingand those present introduced themselves.

2. What the group should focus on and deliver in 2015

With the success of the Money Advice leaflet John wanted the group to start thinking about what we could deliver in 2015.

Financial scams and providing input into the Money Advice Service’s Financial Capability Strategy are two areas we are currently exploring. Another option is to do a piece of work to encourage claims to Pension Credit.

Action Point:If members have ideas what the group should focus on they should contact John.

3. Presentation about scams Marilyn Baldwin OBEfrom the charity ‘Think Jessica’

Marilyn Baldwin gave a powerful presentation whichincluded a film on financial scams and how to protect the elderly and vulnerable people.

Summary –

The Think Jessica campaign was started by Marilyn Baldwin in 2007 after five years of struggling to find help for her mother (Jessica) who was a victim of scams.

Think Jessica aims to protect elderly & vulnerable people from scams which come through the postal system and criminals who contact them by telephone.

Everyone is at risk but more needs to be done to educate about scams or how to report them. Scammers contact their potential victim by letter or phone and try to trick them into parting with cash.

Those who respond end up having their details put on what criminals call "suckers lists". Scammers sell these lists to other scammers all over the world. This can result in a victim having100+ scam letters delivered a day and plagued by international phone calls and being "brainwashed" by criminals.

This is doneby posing as various characters e.g. lottery officials, bankers, solicitors, presidents of companies, clairvoyants & FBI agents. Some send out catalogues and repeatedly promise the victim a large cash prize if they place an order. Some vulnerable people have spent thousands of pounds chasing non-existent prizes. Scammers are ruthless, calculating and clever. They use the voice of authority to swear victims to secrecy and scammers posing as clairvoyants say things like "your family are against you" and "those pretending to help you, wish you harm". The idea is to constantly fill the victim's head with the "voices" of these characters until they become unable/unwilling to listen to anyone else. Some victims refuse to accept any help or intervention.

The impact on them and their families can be truly devastating

Education is key – to prevent people responding to scams

Think Jessica has produced bookletswhich are currently being sent out via trading standards and neighbourhood watch etc. If any organisations want to sponsor the booklets they can be produced with their logo or joint logos – contact Marilyn for details

Energy companies offering cheap deals/pensions freedoms are areas ripe for new scams.

For more information visit or John can provide Marilyn’s contact details.

4. Money Advice Service’s Financial Capability Strategy- Rebecca Langford

Rebecca provided an update on the older people in retirement strand of the UK Financial Capability Strategy and discussed next steps ahead of the publication of the Strategy update on 25th March.

Summary-

Rebecca wanted to hear about initiatives members are involved in that support the Strategy recommendations. Also wanted to seek views on how we turn the recommendations in the draft Strategy into organisations committing to take action in the final Strategy.

The UK’s first financial capability Strategy was developed and published in 2006 with an intended five-year lifespan. The Money Advice Service is currently co-ordinating and leading the development of a new Financial Capability Strategy for the UK.

The recommendations in the draft Strategy were developed by working groups which included ABI, Age UK, Alzheimer’s Society, BBA, Citizens Advice, DWP, Department of Health, Pensions Advisory Service, Prudential, StepChange and Which?

The draft Strategy was published for consultation in September 2014. The Final Strategy is due for publication in September 2015.

The Strategy spans all stages of life from children and young people to older people in retirement with a focus on teachable moments associated with life events.

There are 3 key themes running through the Strategy:

  • managing money day-today;
  • preparing for and managing life events
  • dealing with problem debt

The older people strand of the strategy includes the following recommendations for action:

  • Support the 1 in 3 older people who find managing their day-to-day finances difficult to become more effective money managers.
  • Build on Age UK’s Financial Services Commission recommendations, the financial services industry should work with the advice sector and older people’s organisations so thatproducts and services are easy to use and accessible for older people
  • Focus resources on the key risks to financial wellbeing in later life.

Detailed versions of these recommendations are available in the older people evidence pack at

Following consultation, the Money Advice Service will also include additional prioritiesin the Strategy covering:

  • Increasing resilience to financial scams.
  • Tackling financial abuse
  • Making a will and end-of-life planning

The draft strategy was developed in collaboration with a wide range of stakeholders. The next stage is to set up a Financial Capability Board. To support the Financial Capability Board in the next phase of development of the Strategy and its subsequent implementation, Action Groups will be formed to take forward strategy development and implementation.The older people action group will include organisations already involved in increasing older people’s financial capability and financial services organisations. The Money Advice Service is keen to work with organisations interested in taking work forward in collaboration under the themes set out in this consultation response and update. In particular, they would like Age Action Alliance to be involved in the delivery of Strategy recommendations.

Money Advice Service will also involve other ‘trusted messengers’ who interact with older people in vulnerable positions but do not necessarily provide guidance on financial matters This could include a commitment to better signpost organisations that can assist their clients to become more financially capable.

Action Point:Provide any feedback on the questions at the end of Rebecca’s presentation to Rebecca (). Money Advice Service has launched the Beta version of its Retirement Income Options (RIO) tool ahead of the Pensions changes going live in April.

It guides users through the things to think about in order to make good decisionsaround securing a better income in retirement.

There is a focus on simplifying the defined contributions pension pot options and helps users compare these so they can be prepared for when the new options start in April.

It provides actionable next steps so users can understand their own particular circumstances and be informed before speaking to Pension Wise or a retirement advisor.

The Retirement Income Options tool is in Beta. The Money Advice Service pensions would appreciate any feedback. There is a feedback button at the bottom of the RIO webpage.

Action Point-Provide feedback onThe Retirement Income Options tool via the webpage.

5. Roundtable updates

The Alzheimer’s society are to host a roundtable with banks and business to look at how they deal with people with dementia - looking to develop better ways of working with people. Anyone wanting to take part in the discussion to contact Phil.

Age UK doing a review of a range of scams and a report and Analysis showing reduced winter deaths due to winter fuel payment.

Andy Chaplin (Foundations) referred to the imminent publication of "Making the Case" which is about the need for an independent housing advice and information service.

Leeds LGA have set up a task and finish group address looking at ageing demography and will produce recommendations on what the best councils are doing in terms of info and advice.

John asked if any members had any more thoughts for areas for future focus by the group Suggestions were:

  • A presentation about the Care Act / Care Cap.

Action Point: Invite(Department for Health) Sara Mason to a future meeting

  • A one page document with brief a background to scams but signposting to guidance provided by Age Action Alliance members.
  • Pension credit – what’s been done already to try to encourage take up

Action Point: Invite (DWP) Sarah Turner to a future meeting

6. AOB

There was no other business to discuss