Financial advice blueprint outlined

The man behind the blueprint for a generic financial advisory system for the UK has laid out his plan for how such a service might function.

Otto Thoresen, who is chief executive of the Aegon financial services group, has made clear to the Treasury his position that an “impartial” and “sales free” money guidance service should be made accessible to all British consumers.

He also suggested that the Financial Services Authority should be responsible for taking the project forward and that money-related advice should be available via telephone, the internet and face-to-face.

In light of the extent of the UK’s debt management woes, part of the focus of the advisory service will be on helping people to borrow money in ways they can deal with more easily.

Mr Thoresen commented: “I believe that good money sense needs to be as much part of people’s lives in the 21st century as healthy eating and keeping fit.”

Chris Tapp from the Credit Action recently predicted that there will be a growth in the use of relatively expensive credit this year as financial services firms become less keen to lend money.