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Thoresen leads basic advice taskforce

The Treasury is to launch a basic advice taskforce headed by Aegon chief executive Otto Thoresen aimed at providing free basic advice to all.
The nationwide scheme aims to be up and running within five years to coincide with the introduction of Personal Accounts.
The scheme will cost around £50m a year with the costs shared between industry and Government.
Economic secretary to the Treasury Ed Balls says: “Financial decisions are difficult. Financial products are complicated and there is too much jargon. This puts people off, or they can end up buying something that is not right for them.
Sometimes people just want to discuss their financial options and not buy anything.”

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