Fair Money Advice spins off from Fair Finance Group

Fair Money Advice (FMA), the specialist pan-London debt advice Charity is embarking on a new chapter as an independent entity. FMA spins off from the Fair Finance Group where it has been based since its inception in 2010. FMA has a strong track record as a pioneering specialist debt and money advice charity, providing services to individuals that are in financial hardship or at risk. The charity has supported over 19,000 Londoners since it first launched. With economic uncertainty growing rapidly, consumer debt rising and the cost-of-living crisis escalating, FMA services are more needed than ever. FMA will focus its immediate attention on responding to the needs of its communities in an agile and swift way. FMA clients and partner organisations can continue to rely on FMA to deliver effective, relevant, and tailored advice and support embedded within the community.

Joint Statement Fair Money Advice & Fair Finance: Fair Money Advice (FMA) was established to support Fair Finance in delivering its mission of improving customer financial well-being. As each of Fair Finance and FMA has continued to evolve successfully, their strategic paths have become increasingly divergent. During the year, following discussions between the boards of Fair Finance and FMA, it was agreed jointly that FMA would become a fully independent entity. This is considered in the best interests of both parties, allowing FMA to take full advantage of strategic and operational autonomy, while also enabling Fair Finance to concentrate its resources and focus on the successful delivery of its core mission including its growth plans. The process of separation of the two entities has completed. In the coming year, FMA will be developing a new branding and corporate identity. Fair Finance and FMA remain fully aligned on the need to tackle financial exclusion and improve financial well-being and wish each other well in their continued efforts to create a fairer and more inclusive financial system in the UK.

Rachel Bentley, Acting Chair, Fair Money Advice said: “I am delighted to announce that Fair Money Advice will become an independent charity on August 11th 2022 after many successful years as part of the Fair Finance Group. Together with the trustees of the Fair Money Advice Board, our senior leadership team headed by Muna Yassin, MBE and the wider team, I trust that this will enable us to deliver our mission of improving financial well-being and inclusion through the provision of free and impartial debt advice even more effectively. There is no doubt that our services are needed more than ever against the bleak economic backdrop of the cost-of-living crisis. We stand ready to do all that we can to support the most financially vulnerable in our society working with partners across London and beyond. We wish Fair Finance well in their continued and important efforts to create a fairer and more inclusive financial system in the UK.”

Muna Yassin MBE, CEO, Fair Money Advice said: “I’m thrilled to see the evolution of Fair Money Advice into an independent charity. We’re excited about this new chapter for the organisation and will continue to have a laser focus on helping our communities navigate their way through some of the toughest financial challenges faced in over a generation. Debt destroys lives and limits potential – our team is determined to help people thrive and not just survive. We look forward to working with new and existing partners to continue to champion the needs of the financially vulnerable. Over the next year we’ll launch a new brand to meet our outlook for the future, but our mission and values remain the same. We wish Fair Finance well in their mission to provide responsible credit and lending service