New money advisory service launched by government

[Michael Browne]

New money advisory service launched by government

 

 

 

A new independent service was launched on 4th April to offer free advice on financial issues over the phone, the internet and face-to-face through a nationwide network of centres.

 

Money Advice Service, which was initially set up by the Government, will provide unbiased advice on money matters.

 

The service will be completely free to use, as it is funded by a charge levied on the financial services industry and collected by the City watchdog.

 

It replaces the Consumer Financial Education Body, which has until now run a site called Money Made Clear.

 

Money Advice Service will provide a far more comprehensive advice offering, including face-to-face meetings for the first time.

 

In England and Northern Ireland, the face-to-face service is delivered by public sector contractor A4E, while in Scotland and Wales it is delivered by Citizens Advice Scotland and Citizens Advice Wales respectively.

 

It is hoped the scheme will give people more control over their finances and help them make the most of their money.

 

Gerard Lemos, chairman of the Money Advice Service, said it has been designed to "make people's lives easier and better".

 

"We're not here to sell people anything and we won't charge anyone - we are here to help people take decisions about their money and plan for a better future for themselves and their families," he said.

 

 

The service plans to launch an online financial health check later this year, which will provide a personal action plan to help people identify their money priorities and plan for their financial future.

 

The service has been welcomed by banks and financial services providers.

 

Deanna Oppenheimer, chief executive of Barclays UK Retail Bank, said: "It is important that everyone in the UK has the knowledge, skills and confidence to make the financial decisions that are right for them."

 

Graham Beale, chief executive of Nationwide Building Society, added it was "an important step in promoting a greater understanding of money and financial matters".

 

While it was initially set up by government, the service will run on an independent basis, with an independent chairman and board appointed by the Financial Services Authority.

 

The service can be reached online at moneyadviceservice.org.uk and over the phone on 0300 500 5000.

http://www.moneyadviceservice.org.uk/

 

http://www.thisislondon.co.uk/money/article-23937987-new-money-advisory-service-launched-by-government.do

[victoria_siempre]

Hi Michael

 

You will forgive me if I see Barclays and A4E as a marriage made in hell; I can see why Dave, Nick and Boy George like it.

 

"

 

The coalition government’s cuts are, in fact, fantastic! Cutting benefits will put a stop to people making a profession out of being unemployed. The Government is looking to put more effort into helping people get back to work which is the most important thing.”

 

Emma Harrison, founder of A4e"

 

 

Regards

 

 

vic

[Wintry]

Hi Victoria

 

Isn't this the 'service' that was at one time rumoured / talked about as some sort of alternative / replacement for the FIF Face to Face Debt Advice provision.

 

A4E......are they a charity ?

 

Oh dear

[victoria_siempre]

Hi Wintry

 

They don't claim to be a charity and include a profit element in their bids.

 

Dear oh dear:sad:

 

x

 

v

[sequenci]

Hi Victoria

 

Isn't this the 'service' that was at one time rumoured / talked about as some sort of alternative / replacement for the FIF Face to Face Debt Advice provision.

 

 

From what I understand they only advise on financial products and services and not on actual complex debt 'issues'

[victoria_siempre]

Hi seq

 

You are correct, it is a very general portal; I still distrust its prime movers.

 

x

 

v

[sequenci]

TBH I'm not keen either. I don't think the goverment actually understands what REAL debt is for people.

[bluedogx]

The 'money guides' are not debt advisers. They are supposed to be using the advice in the money made clear leaflets and having client meetings face to face.

 

I think the reasoning behind it was to try to help people avoid debt in the future

 

B

[victoria_siempre]

Hi bluedog

 

But isn't a prerequisite helping folk who are being unlawfully harassed in the here and now?

 

x

 

v

[Wintry]

Hi

 

IFA article on the Money Advice Service

 

http://www.ifaonline.co.uk/ifaonline/news/2042189/aifa-concerned-fsas-money-advice-service

[bluedogx]

Yes it is, which is why I hope our funding for debt advice keeps going.

We have a new money guide in our bureau, and I think the project will work well with ours. I do the debt advice, and he does financial advice, - mortgages, insurances, pensions, bank accounts etc and will help my clients with budgeting etc.

 

In Scotland it was CAB who got the funding

 

X

 

B

[victoria_siempre]

Hi B

 

Many apologies if I misunderstood you.

 

The Scottish approach is great where you have co-located debt advisers; let's see what A4e throws up for us poor buggers in England.

 

x

 

v

[Wintry]

From what I understand they only advise on financial products and services and not on actual complex debt 'issues'

 

I have heard in England & Northern Ireland they refer people to National Debtline, CAB & CCCS but may also offer face to face interviews themselves presumably via A4E.

 

Does anybody know how and where A4E deliver the face to face service in England & Northern Ireland & what level of debt advice and assistance they provide?

[bluedogx]

Hi Vic

 

Hopefully it will work out ok. It's very performance oriented so they'll be looking for referrals from everywhere!

 

I do know that they are NOT employed to give debt advice so they will refer on to cccs etc for that in England and bureau or council money advisers in Scotland.

 

B

[Wintry]

Hi Vic

 

Hopefully it will work out ok. It's very performance oriented so they'll be looking for referrals from everywhere!

 

I do know that they are NOT employed to give debt advice so they will refer on to cccs etc for that in England and bureau or council money advisers in Scotland.

 

B

 

Hi Blue

 

Are you saying that A4E are not employed with the Money Advice Service to give debt advice in England ?

 

PS - good luck with your project at the CAB

[bluedogx]

Hi wintry

 

They seem to do all sorts of stuff so they might do under different projects. This one though is education on the stuff the FSA had in the money made clear booklets.

 

Calling themselves the money advice service is going to cause all sorts of problems. Most money advisers do debt counselling, so people will think that's what this project is.

 

Also, in Scotland, the acronym MAS actually stands for money advice Scotland!

 

B

[Wintry]

Hi wintry

 

They seem to do all sorts of stuff so they might do under different projects. This one though is education on the stuff the FSA had in the money made clear booklets.

 

Calling themselves the money advice service is going to cause all sorts of problems. Most money advisers do debt counselling, so people will think that's what this project is.

 

Also, in Scotland, the acronym MAS actually stands for money advice Scotland!

 

B

 

Hi Blue

 

It all seems a 'little cloudy' at the moment in relation to actual debt advice (face to face or otherwise) via the Money Advice Service in England with concrete information seemingly hard to come by, however as with everything it will eventually come out in the wash.

 

I think what I am getting at is this - does the Money Advice Service give free debt advice in England and Northern Ireland and if so, by who, how, where and to what level ?

 

The project has now been officially launched so you would expect this to be clarified (maybe I am missing something or have read it wrong)

 

You mentioned that 'its very performance orientated so they will be looking for referrals from everywhere'

 

Lets hope people with debt problems in England are not processed and then simply referred on again to organisations such as CAB, CCCS & National Debtline (who they could contact direct anyway) just for the sake of 'performance' figures or whatever.

 

Maybe someone from the Money Advice Service or A4E could come on here and help us out a little.

 

Forgive me for being cynical, its just that I have been round the block a few times now where debt and money advice is concerned.

[bluedogx]

I'm not sure how its going to work in england and wales to be honest.

I'd imagine they won't be seeing debt clients at all, but anyone else who needs advice on other areas of finance.

 

B

[Wintry]

I'm not sure how its going to work in england and wales to be honest.

I'd imagine they won't be seeing debt clients at all, but anyone else who needs advice on other areas of finance.

 

B

 

Hi Blue

 

Oh dear, I think I will buy some chalk and draw some more advisers.

[victoria_siempre]

Hi guys

 

'What's the difference between a pessimist and a cynic?"; a pessimist is in full possession of the facts.

 

This appears to be yet another 'solution' looking for a (bloody obvious) problem.

 

x

 

v

[bluedogx]

Wintry - I know. We're lucky up here in a lot of respects. I think we have more face to face advisers anyway.

 

Vic - I hope it works out down south

 

B

[victoria_siempre]

Hi bluedog

 

I used to think that Alex was a chancer and that nationalist parties within the UK were petit bourgeoise, nascent fascist organisations (partly because of Cayo Evans trying to cut off my water); how wrong could I be?

 

"Here's a bottle and an honest friend!

What wad ye wish for mair, man?

Wha kens, before his life may end,

What his share may be o' care, man"

 

x

 

v

[bluedogx]

Hi Vic

 

I have to say I'm quite impressed with old Alex. He seems honest which is rare these days!

 

Anyway, I hope their heart is in the right place when they talk about avoiding this huge debt problem for future generations.

 

We can hope right?

 

Btw - I'm impressed. You're not Scottish are you?

 

B x

[bluedogx]

Then catch the moments as they fly,

And use them as you ought, man!

Believe me, Happiness is shy,

And comes not always when sought, man!

[Wintry]

Wintry - I know. We're lucky up here in a lot of respects. I think we have more face to face advisers anyway.

 

Vic - I hope it works out down south

 

B

 

Hi Blue

 

Yes. nice one.

 

Just to quote a paragraph from an earlier post by me though -

 

Isn't this the 'service' that was at one time rumoured / talked about as some sort of alternative / replacement for the FIF Face to Face Debt Advice provision.

 

The same FIF face to face service where 100's of good geniune Face To Face CAB debt advisers were actually given notice of termination of their employment ?

 

11th hour goverment U Turn, FIF funding extended for 12 months.

 

Do you support the CAB's south of the border or is it a cosy consensus type of arrangement ?

 

A4E...think about it.

Edited April 8, 2011 by Wintry