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money guidance March 3, 2008

Posted by Bradley in : Uncategorized , trackback

The Thoresen Review of Generic Financial Advice Final Report was published today, and welcomed by the FSA. The responses to the interim review and call for evidence are not available on the Treasury’s website until the end of the month and 16 of the responses to the call for evidence are described as confidential (we don’t even know who made them). Some of the responses are available elsewhere: for example, the Financial Services Forum has published its response, as has the NAPF.

The Report recommends the establishment of a national Money Guidance service:

Money Guidance will provide information and guidance to people on a range of financial topics, from jargon busting to long-term saving. “Generalist”accredited partners will provide guidance on a full range of Money Guidance topics to a consistent level; “specialist”accredited partners provide in-depth Money Guidance on a specific topic such as pensions.
Money Guidance will guide the user to the point where they can chose between a small number of options, and where they also understand the consequences of doing nothing.
Money Guidance will refer individuals to external services, whether in the financial services sector, Government or the third sector, depending on the needs of the individual. This includes referring people to regulated advisers or a crisis debt agency.
Money Guidance will not make recommendations to buy, surrender or change a specific product from a specific provider.

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