The Tories put forward their proposal for a free advice service yesterday as part of their economic manifesto proposals.
A Conservative spokeswoman says the service would offer consumers impartial advice on money matters via face-to-face sessions, telephone advice and online advice.
The spokeswoman says the service is about encouraging people to seek further advice and IFAs would have a role to play in the process.
She said: “It is about encouraging a culture where people do proactively seek financial advice. We think this would work quite well alongside IFA advice.”
Funding for the £50m-a-year service will come from a new “social responsibility levy” on the financial services sector.
The Government is committed to launching a Money Guidance service by 2011 with a £20m roll-out cost. This would be shared between industry and the Government with the Government ear-marking money received through reclaiming dormant accounts to help fund the project.
The Tories economic proposals, called A New Economic Model, set out eight benchmarks by which Shadow Chancellor George Osborne (pictured) wishes people to judge a future Conservative government.
A future Conservative Government would scrap forced annuitisation, raise the stamp-duty threshold to £250,000 and raise the IHT threshold to £1m.