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PBR: Govt/FSA pump £20m into Money Guidance roll-out

Government and the Financial Services Authority will inject £20m in funding for the national roll-out of the Money Guidance scheme.

In the pre-Budget report documentation released today, Government says it is “committed to supporting and empowering consumers to plan for the future” and is therefore pumping £20m into the scheme.

Government will use at least 25 per cent and up to £100m of funds expected to be released through the dormant accounts scheme to support the delivery of Money Guidance.

The paper says: “This will enable  the service to help one million people by March 2011.”

A newly-formed independent consumer financial education body will lead the roll-out of Money Guidance, as well as take forward the FSA’s National Strategy for Financial Capability.

Government has also committed to injecting £5m to fund extended opening hours at the Citizens Advice Bureau in 2010-11, helping an additional 300,000 people.  

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. There is an increasing blurring of “Government money” and industry money which is met by compulsory fees. What is the difference between a complsory fee and a business tax?
    Who is pumping £20 million in? The Government, the FSA (who had to borrow £20million from the banks to pay FSA bonuses) or what. This is a financial pass the parcel.

  2. I am certain this will be a good thing for all concerned, the more people prompted into action the more people will be saving and building up ‘wealth’, if what has happened to date is improved upon it will hopefully mean more work for advisers, the decent whole of market variety that is.

  3. I am certain this will be a good thing for all concerned, the more people prompted into action the more people will be saving and building up ‘wealth’, if what has happened to date is improved upon it will hopefully mean more work for advisers, the decent whole of market variety that is.

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