News 9 December 2009
Announcements from the Government's Pre-Budget Report
The Moneymadeclear money guidance service will be rolled-out across the UK from April 2010. The Government and FSA will provide an initial £20m for the roll-out, which is expected to reach a million people by March 2011. The Government also announced its intention to commit at least 25% and up to £100m from the Dormant Accounts Scheme to fund the programme over a number of years (subject to availability of funds and other funding priorities). This follows the successful pathfinder in North East and North West England, on track to reach 500,000 people by March 2010, a year after launch.
An independent consumer financial education body will be established. This was announced by the recent Financial Services Bill and provisions will be brought-forward to lead the money guidance roll-out, as well as continue to take forward the National Strategy for Financial Capability, currently undertaken by the FSA.