Real help for North West and North East through £12m Moneymadeclear service pathfinder
FSA/PN/051/2009
14 April 2009
HM Treasury and the Financial Services Authority (FSA) today launched Moneymadeclear, a service offering practical and impartial help and information on money matters for people in the North East and North West of England.
The new service aims to help people tackle their money worries and make informed financial decisions with confidence, whether it's avoiding debt problems, coping with a change in circumstances, or preparing for the future.
People can now access the service at www.moneymadeclear.fsa.gov.uk, via the Moneymadeclear helpline on 0300 500 5000 and face-to-face through regional partner organisations and charities.
The new service will test the blueprint for a national 'money guidance' service recommended by the Thoresen Review of generic financial advice. The £12m pathfinder aims to reach up to 750,000 people in the North West and the North East of England by spring 2010 and is being delivered by the FSA in partnership with the Treasury.
Ian Pearson, Economic Secretary to the Treasury, said:
"I am delighted to launch the Moneymadeclear service pathfinder. People who are facing money concerns or questions need to know that good, practical help is at hand. With this new service, people in the North West and North East can speak to impartial, trained Moneymadeclear staff who can help them deal with the money worries they face as well as plan for the future with confidence.
"The launch of the pathfinder today marks a major milestone on the journey to achieving the Government's aim of a national money guidance service. It is clear that the need for this service is greater than ever."
Chris Pond, the FSA's Director of Financial Capability, said:
"This Moneymadeclear service will provide tailored help at a time when people urgently need it as we test the delivery of clear, impartial and personalised information and guidance on money matters. We want Moneymadeclear to help give people the confidence and capability to make the most of their money - now and in the future - by providing guidance that people need on the money matters that shape their everyday lives.
"Improving people's ability to make financial decisions is in everybody's interests; if people know what they want and how to get it, the financial services market become less one-sided and a lot more efficient."
Notes for editors
- The Moneymadeclear service was today launched at the Young People's Support Foundation in Wythenshawe, Manchester, by Economic Secretary to the Treasury Ian Pearson and FSA Director of Financial Capability Chris Pond. Images from this launch will be available for publication from the FSA press office.
- The Thoresen Review was launched in January 2007 by the then Economic Secretary to the Treasury, Ed Balls MP. Its remit was to research and design a national approach to generic financial advice. The Review's final report was published on 3 March 2008.
- The Government accepted the central recommendation of the Thoresen Review for a large-scale pilot or pathfinder and on 3 March 2008 announced the £12m pathfinder project, jointly funded and led by the FSA and HM Treasury.
- The following delivery partners for the pathfinder were announced by HM Treasury and the FSA on 13 January 2009:
- Citizens Advice;
- A4E;
- Liverpool Money Talk Consortium (RAISE);
- Knowsley Advice Forum (led by Knowsley Citizens Advice);
- Teleperformance; and
- Consumer Credit Counselling Service.
- AgeConcern North East;
- AgeConcern North West;
- Manchester Credit Union;
- Association of British Credit Unions Ltd;
- Police Mutual;
- Young People's Support Foundation;
- Salford Unemployed and Community Resource Centre and Wirral Health and Safety Welfare Advice Centre; and
- Oddfellows Friendly Society and Life Academy.
Additional partners for the pathfinder will be announced in due course.
- The Government and FSA announced in "Helping you make the most of your money: a joint action plan for financial capability", published in July 2008, that the pathfinder would take place in the North East and North West of England and set out detailed plans for delivery.
- The Thoresen Review was launched alongside Financial Capability: the Government's long-term approach in January 2007. This sets out three long-term aspirations:
- all adults in the UK have access to high-quality generic financial advice to help them to engage with their financial affairs and make effective decisions about their money;
- all children and young people have access to a planned and coherent programme of personal finance education, so that they leave school with the skills and confidence to manage their money well; and
- a range of Government programmes is focused on improving financial capability, particularly to help those who are most vulnerable to the consequences of poor financial decisions.
- The FSA-led National Strategy for Financial Capability aims to find ways to improve the nation's financial capability and understanding of personal finance. It brings together interested parties from industry, consumer bodies, voluntary organisations, government and the media.
- The FSA continues to roll-out its 'Delivering Change' strategy, a five-year programme to improve the financial capability of UK consumers. To date, the FSA has reached more than six million people against its overall target of 10 million people by 2011 and remains on track. More information about the FSA's National Strategy for Financial Capability can be found on the FSA's financial capability website.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.