You are here: Home - Insurance - News -

Money Guidance plans announced

Written by:

The Government has published new recommendations to provide UK consumers with the knowledge, understanding and confidence to make better decisions about money issues.

The Thoresen Review of Generic Financial Advice has set out a blueprint for the national Money Guidance service, which will offer consumers telephone, internet and face-to-face access. The plans will cover issues such as budgeting, saving, borrowing, insurance, retirement planning and deciphering financial jargon.

Research commissioned by the review body revealed 75% of people surveyed would use a national information and guidance service for personal finance issues. Of these, more than 25% felt they would be very likely to use this service.

Further research from the body showed eight out of 10 participants took at least one action within a week or so of using a trial of the service. Of this number, more than half took specific action, such as buying a new product or speaking to a regulated adviser.

The Financial Services Authority, the UK’s financial regulator, will run the Money Guidance service.

Teresa Perchard, director of policy at Citizen’s Advice, welcomed the announcement. “The recommendations in the Thoresen Review will, if implemented by government, make access to professional impartial financial advice something for all, not just those that can afford to pay for it,” she said. “We hope to be able to play a key role in the development of this national service over the next two years in partnership with others and look forward to seeing the details in the spring.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Workplace pensions the most valued benefit

A survey by the National Association of Pension Funds (NAPF) has revealed that a workplace pension is the most important...