Financial services

Supporting consumers through a national financial advice service

The Coalition Agreement committed to creating Britain’s first free national financial advice service.

The Money Advice Service has been set up by Government to promote understanding of the financial system and raise levels of financial capability across the UK.

It provides free and impartial information and advice on money matters and is available to all online, over the phone and face to face.

It has launched a Financial Healthcheck which provides consumers with actions to take to help them better manage their money and plan ahead for the future.

This is an important service, aimed at encouraging people to better manage their money and plan ahead, and will help consumers to avoid high levels of unmanageable personal debt.

However, those consumers who do find themselves in high levels of debt will continue to need specialist debt advice.

The Money Advice Service, with its consumer financial education remit and national reach, is well placed to take a role in the coordination of debt advice services as part of its existing services.

Their Board has agreed that the Money Advice Service will take on a direct role in debt advice, with the aim of offering a coordinated, flexible and cost-effective solution to consumers’ debt advice needs from 2012-13 onwards.

The Money Advice Service receives its funding from the financial services industry via a social responsibility levy.

By making sure that people have access to appropriate advice and information, the Government wants to ensure that consumers have the confidence and skills to take greater personal responsibility for their finances.

Supporting consumers through a national financial advice service

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