FSA to lead the delivery of a national financial advice service
Click here to download a copy of the Thoresen Report
A report out today examines the requirements and practicalities of delivering a national financial advice service in the UK.
The Thoresen report recommends that the Financial Services Authority (FSA) leads the set up of a new programme offering impartial guidance and information on all money matters, this will be a free service and the first national money guidance service.
The purpose of the report is to provide better access to free, sound financial advice and to eductate people about the possible outcomes of poor financial decision making. The service will be available for everybody in the UK but particularly those most vulnerable to poor financial decision making.
The FSA will lead a 2 year pilot project, testing the delivery of the service. The government and the FSA will work closely together, Chief Executive of the FSA, Hector Sants, said:
“Otto Thoresen is to be congratulated for producing such a thorough report and setting out a clear road map for taking this work forward. We are delighted to be leading the next phase of work. The FSA recognises that many consumers are not equipped to make informed decisions about their finances and can fall victim to the consequences of those poor choices.
“We launched our national strategy in 2006 to address this and equip people to manage their money more confidently. We are working with many different organisations to reach millions of people and provide clear and impartial information and guidance through our printed guides and website, Moneymadeclear, and recent initiatives like the Parent’s Guide to Money.”
Click on the link at the top of this post to download the Thoresen report. The FSA consumer web site is http://www.moneymadeclear.fsa.gov.uk and the non-consumer site is http://www.fsa.gov.uk