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The Financial
Services Authority (FSA) has announced that it will take action
to provide more support in helping people to tackle their money
concerns.
The Financial Capability Action Plan sets out new measures to give
people free advice and assistance to help them to better manage
their finances. The action plan also makes further progress towards
the FSA’s and the Government’s goal of helping people
become better informed, better educated and more confident with
money.
The key initiatives outlined in the plan include the development
of an expanded one-stop-shop or information and support based around
the FSA’s Moneymadeclear website and consumer helpline,
which will be promoted widely after the summer. This will direct
people to specialist advice on problems such as debt, mortgages
or utility bills, and will provide information for first time buyers
or other people looking for financial help.
A new £12million programme will be launched early next year
to deliver free advice on money matters including budgeting, money
management and planning to help hundreds of thousands of households
across the North West and North East of England as part of the Money
Guidance “pathfinder” recommended by the Thoresen Review
of generic financial advice.
Another initiative is to provide support for personal financial
education in schools, through the Government’s new £11.5million
three-year programme My Money and the FSA’s £16million
Learning Money Matters programme.
Chief secretary to the Treasury, Yvette Cooper MP, said: “Many
families are feeling the pinch as a result of high fuel and food
prices, and the impact of the credit crunch on mortgage lending.
But when people are facing money worries they often don’t
know where to run. We need to make it much easier for people to
get access to information, help and advice.”
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Pensions Age July 2008
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