Free money advice service unveiled
The Government has accused some financial advisers of being "out to make a quick buck", as it announced the roll-out of its free money guidance service.Moneymadeclear will be staffed by financial experts who will offer consumers free advice on a range of money issues by telephone and face-to-face, as well as through the internet.
The service, which has already been trialled for a year in the North East and North West, will be rolled out across the rest of the country from April 1.
Announcing the launch, the Government said much of the financial advice currently available was too expensive or complicated, while the person or firm offering it was "too often out to make a quick buck".
It said its service would be staffed by money experts who had no vested interest in recommending products or action.
It will offer advice on topics such as saving for retirement and buying a home, as well as giving guidance to people who are in arrears on their mortgage or bills, and giving tips on budgeting.
It has already helped around 500,000 people during its year-long pilot, including 22,000 people who have received face-to-face advice, and it is expected to help more than one million people in the 12 months following the national launch of the scheme.
The trial found that the most common causes of concern for people related to mortgages, loans and credit cards, followed by people wanting advice on saving or getting their first mortgage.
Research carried out by City regulator the Financial Services Authority found that 40% of people claim money worries are their single biggest cause of stress.
More than half also do not trust high street banks, with a similar proportion saying they did not think their bank would be sympathetic if they got into financial difficulties.
It will offer advice on topics such as saving for retirement and buying a home, as well as giving guidance to people who are in arrears on their mortgage or bills, and giving tips on budgeting.
It has already helped around 500,000 people during its year-long pilot, including 22,000 people who have received face-to-face advice, and it is expected to help more than one million people in the 12 months following the national launch of the scheme.
The trial found that the most common causes of concern for people related to mortgages, loans and credit cards, followed by people wanting advice on saving or getting their first mortgage.
Research carried out by City regulator the Financial Services Authority found that 40% of people claim money worries are their single biggest cause of stress.
More than half also do not trust high street banks, with a similar proportion saying they did not think their bank would be sympathetic if they got into financial difficulties.
© 2012 Press Association