New financial advice plans outlined

Otto Thorseen told a conference in London that a variety of partnership arrangements and pilot programmes will aim to develop an effect strategy to help consumers handle their money more effectively and avoid debt management disaster.

And Mr Thorseen indicated that part of the plan will be to appeal to businesses and financial service providers who might recognise that they will eventually benefit from a having a more savvy population of consumers in the UK.

He said: “I believe that a world with financially competent and confident consumers – who have access to advice that gives them tools to make effective financial decisions – is a world that is better for them and an environment that can be better for the industry.

“I hope and believe that we can all work together to build the structures that will deliver what is needed.”

Britain’s overall personal debt management burden stood at over £1,325 billion at the end of April this year, according to figures from Credit Action.