03 March 2008
A free national advice service to help consumers with money
matters should be set up, according to the final report of the
Thoresen Review of Generic Financial Advice, which was commissioned
by the government.
The Thoresen Review said a telephone, internet and face-to-face
advice service should be funded by the government and by levies
from the financial services industry and suggests a £12m
two-year pilot project. Financial jargon can confuse consumers
wanting help with money matters.
Otto Thoresen, the head of the financial services firm Aegon,
was asked by the Treasury to design a national money guidance
scheme. His review suggested that people would use a sales-free
service for significant life events that affect finances, such as
starting work, buying a house, having a baby, divorce or
retirement.
