HM Treasury’s Thoresen Review has announced a series of generic financial advice consumer pilots to be held in the North West, London, Staffordshire and South Yorkshire from September 17.
The pilots will aim to provide non-regulated advice or guidance on a range of areas, including tax and benefits, saving and planning for retirement as well as budgeting and jargon-busting, to more than 5000 consumers, via the telephone, the web and face-to-face.
The results from the independent evaluation of the pilots will be published in the final Thoresen Review report in early 2008.
Reviewer Otto Thoresen says: “These pilots represent an important step within the review process. Working directly with consumers will give us valuable practical insight into how a generic financial information and guidance system may be developed.”
Treasury economic secretary Kitty Ussher says generic financial advice has the potential to help people across the UK to manage their money and to ask the right questions of financial suppliers.
She says: “These pilots are vital to help determine what will work well for consumers and the results will be of interest to Government, industry and consumer groups alike.”