News 22 April 2009
Box 5.5: Raising levels of financial capability in the UK
The Government and the Financial Services Authority (FSA) last week launched the £12 million Money Guidance pathfinder, offering help with money issues online, over the phone and face-to-face across the North West and North East of England. The pathfinder builds on the FSA's Moneymadeclear website and helpline, which people can access wherever they are in the UK.
The Government is committed to ensuring that every adult in the UK will be able to access impartial financial guidance to help them make informed decisions and avoid the distress of unmanageable debt.
The Government announces that roll-out of a national Money Guidance Service will begin in 2010, subject to preliminary findings from the pathfinder demonstrating that the service can be effective. It intends to introduce legislation to implement Money Guidance and to direct dormant account funds for financial capability to support delivery of the service.