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Govt and FSA unveil financial capability plan

The Government and the FSA have announced plans to provide free support services for people with financial concerns.

The Financial Capability Action Plan includes the development of the FSA’s Moneymadeclear website, which will serve as a “one-stop-shop” for those seeking advice.

The Government’s £11.5 million My Money programme and the FSA’s £16 million Learning Money Matters programme will support financial capability within the educational system to build awareness and confidence in students.

Economic Secretary to the Treasury Kitty Ussher says: “This Government is committed to ensuring that at every age people have the education, support and skills they need to make the right money choices, plan for their future and provide financial security for their families.

“I’m convinced that the My Money programme along with the FSA’s Learning Money Matters initiative will have a long-term impact on the financial security of future generations.”

In addition, a £12 million Money Guidance pathfinder initiative will be launched next year in the North West and North East regions of England. This programme will offer free advice on issues such as budgeting, money management and planning.

CML director general Michael Coogan says: “Leaders and the government are both taking steps to try to make sure that people worried about their finances get access to good advice and are treated fairly.”

Citizens Advice director of public policy Teresa Perchard says: “Today more than ever before people need access to free, impartial financial information and advice so that they can plan for their and their family’s future effectively, and avoid risks of debt problems from over commitment and having limited savings.”

CII Group chief executive Dr. Sandy Scott says: “In the current economic climate, a national service that provides independent, accessible and above all well-trained guidance on money matters would be a key weapon in the consumer’s armoury for financial capability.”

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