New Government Financial Advice Service Launched
Since the beginning of the credit crunch and the continuing economic slowdown in the UK, the Government has taken various steps to try and prop up the economy and offer help to those individuals who may be struggling with their homeowner loan repayments and other debts.
The latest initiative has now just been jointly launched by the HM Treasury and the Financial Services Authority (FSA) and is intended to offer free help and advice to individuals across a range of financial matters, from managing budgets, to dealing with personal loan and credit card repayments, handling a change in personal circumstances, such as unemployment and keeping on top of their debts.
The new service, called Moneymadeclear, has so far only been launched as a pilot scheme in the North East and North West, where a high percentage of the recent unemployment figures have occurred, but if successful, it will be available across the country. Initially the scheme plans to provide help to around 750,000 individuals over the course of the next twelve months. The service can be accessed online at www.moneymadeclear.fsa.gov.uk, or through a helpline number 0300 500 5000, or on a face to face basis through various charities such as the Citizens Advice Bureau (CAB).
Chris Pond from the FSA said “This moneymadeclear service will provide tailored help at a time when people urgently need it as we test the delivery of clear, impartial and personalised information and guidance on money matters. We want moneymadeclear to help to give people the confidence and capability to make the most of their money, now and in the future, by providing guidance that people need on the money matters that shape their everyday lives. Improving people’s ability to make financial decisions is in everybody’s interests, if people know what they want and how to get it, the financial services market becomes less one sided and a lot more efficient.”
