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Which? launches money helpline

Which? has launched a free money helpline to provide personal finance advice for its members.

The service, which began as a pilot a year ago, is open five days a week and is staffed by a team of eight money experts who are trained to the same level as authorised financial advisers.

Members can call weekdays between 9am and 5pm and a Which? personal finance expert will call them back.

Which? chief executive Peter Vicary-Smith says: “The difficult financial climate has highlighted the lack of places to go for truly independent, unbiased, free help and guidance on all aspects of personal finance, and we saw a need to fill this gap for our members with our own money helpline.  

“The service has been extremely popular, and we are confident that every one of the people who have so far telephoned the helpline has gone away more knowledgeable and more confident to deal with their money issues, whatever they may be.”

According to Which? savings and investments are the two most popular categories, attracting 30 per cent and 15 per cent of calls respectively.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. If this is a telephone advice plan, then why do I have to do a factfind then umpteen hours of research as an IFA? Surely the telephone advisers can’t know their clients as required by law? Or are they to give just generic advice or, flog investments which could be a giant mis-selling problem for the future?

  2. “extremely popular” eh?
    I can’t think of anything worse than discussing my personal finances with a stranger over the ‘phone. Surely a face to face meeting with a trusted adviser is what consumers want.
    I also agree with Derek (above) How does this service comply with ‘Treating Customers Fairly’?

  3. And where is the FSA’s authorisation for this, or don’t “Which” have to have it?

  4. How can they give ‘free advice’. Nothing is free. Which? are confident that everyone has gone away more knowledgeable and confident to deal with matters – sounds like no advice is being given and people could go away and make the wrong decision without recourse!

  5. Surely this must purley be generic information because of reasons above. The article states that they have been trained to same level as authorised advisers but seems to imply then they are not authorised. I certainly wouldn’t want advice from someone who by the sound of it has not worked for an IFA and is just fresh out of passing their CII certifcate!

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