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Alistair Darling launches Moneymadeclear

Alistair Darling has today launched the free money advice service Moneymadeclear, which will be rolled out around the country.

The service includes a helpline, website and face-to-face advice services, delivered through a range of partners including the Citizens Advice Bureau and Age Concern.

The cost of the service will be funded by a levy on the financial sector and funds recovered from dormant bank accounts, with Government meeting part of the cost in the first year.

The new service is expected to help a million people in the next year.

Darling says: “Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form, want advice about opening a savings account for your children or grand-children or you want some help dealing with repayments before they get out of hand.

“This service will provide much needed advice for one million people across the UK in the coming year alone.”

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. Their first clients should be Gordon Brown and Alistair Darling !!

  2. “FREE”?

    How can it be free when the taxpayer is funding it together with the industry? One way or another the people who use this service will be subsidised by people who don’t, or by taxpayers who are struggling to cope with the mess this country finds itself in, or by firms who are being bled dry by a parasitic sompensation scheme run by witless civil servants.

    Must go lie down in a dark room…

  3. Are the advice givers qualified? If so to what level? How much are they being paid? Will they be held eternally liable for advice given?Are they paying into FSCS in the event of bad advice which results in consumer detriment? Who is monitoring the suitability of advice? Do they have to give reasons for any recommendations made?
    Is this the FSAs replacement for the advisers who will give up come 2012? Maybe this was their plan all along. It would certainly explain a lot.

  4. Referring to the comment by Anonymous. The moneymadeclear service is very robust in ensuring that none of the Money Guides will be giving ‘financial advice’. The service is ONLY providing information and guidance to users and that it will NEVER provide any ‘advice’ that would normally be classified as a FSA regulatory function. Moneymadeclear is impartial, sales and jargon free.

  5. Referring to the comment by gary; Then why is it termed ADVICE and not guidance? the bbc website reports that expert advice will be available.surely that will cause consumer confusion?

  6. Re Anonymous question about the use of the word advice. Regretfully the media do not always use the same language as we would like. Where ever possible we are trying to make sure that consumers are made aware of what the service will offer them.

    Moneymadeclear service and those engaged with it ensure that we never use the term financial advice as this is clearly the realm of Financial Advisers and it not what the service is providing. The service only offers information and guidance to users to help them organise their money matters. We help them make informed decisions about what is best for their individual needs. No Money Guide will recommend or promote any service or product over another. Any further action the user takes is then up to them.

  7. Darling says: “Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form, want advice about opening a savings account for your children or grand-children or you want some help dealing with repayments before they get out of hand.

    “This service will provide much needed advice for one million people across the UK in the coming year alone.”

    Gary, Mr Darling uses the word ‘advice’ three times in two sentences. I trust you will be having a word?

  8. Why bother using a financial adviser when you can get “free” advice, paid for by the adviser you might have consulted in the first place?
    Cunning very cunning.

  9. Craig – I think you will find that Politicians, just like journalists tend to use whatever language comes into their heads at the time.

    This is a fantastic service that allows people who do not have access to IFAs to be able to talk to somebody about their financial situation. I don’t think you will be seeing a decline in your portfolio customers…….

  10. anonymous 26 march 10.40am
    Politicians use whatever language…you mean LIES?

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