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FSA should oversee generic advice, says Thoresen

The FSA should govern generic advice and the service must be delivered through a partnership model of generalist and specialist partners, according to Otto Thoresen.

In the final report of the Thoresen Review, Thoresen proposes a national money guidance service that would see accredited partner organisations give advice on retirement planning, tax, savings and borrowing and budgeting.

Thoresen says the cost of the service should be split equally between the Government and the financial services industry and estimates the yearly price tag to be around £49m.

The proposal suggests a multi-channel delivery including face-to-face, internet and telephone access, but says other methods such as podcasts and text messaging may also be options.

Thoresen says the service would need to operate on the principles of impartiality, supportiveness, crisis prevention, universality and should be sales free.

He has recommended that the Government implement a pathfinder project to test the proposals as soon as possible and says this should run for a minimum of 18 months.

Thoresen says the pathfinder would cost around £10m to implement and should be targeted to reach approximately 500,000 to 750,000 people.

He says: “I’m confident that such a pathfinder will validate my blueprint and act as a springboard to a full national service.”

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