Skip to main content

Generic Financial Advice Review

Volume 501: debated on Wednesday 25 November 2009

To ask the Chancellor of the Exchequer what recent steps his Department has taken to implement the findings of the Thoresen Review of generic financial advice which the Government have accepted. (301222)

The Government are testing the Thoresen Review's blueprint for a generic financial advice or ‘Money Guidance' service through a large-scale pilot or pathfinder in the North West and North East of England. The £12 million pathfinder is jointly funded and delivered by HM Treasury and the Financial Services Authority. Launched in April, it is on track to meet its target to reach over 500,000 people by March 2010, through the Moneymadeclear website, helpline and face- to-face services provided by a wide range of local partners. The Moneymadeclear website and helpline is also available UK-wide.

Interim evaluation findings from the pathfinder indicate that the Money Guidance service can be effective and the Money Guidance service will therefore be rolled out nationally from spring 2010. The Financial Services Bill introduced in the Commons on 19 November includes provisions for a new consumer financial education body which will lead and direct funding to national implementation of Money Guidance.