HM TREASURY News
Release (THORESEN INDEPENDENT REVIEW) issued by The Government News
Network on 10 September 2007
The Thoresen
Review, an independent review set up by HM Treasury to look at how
Generic Financial Advice (GFA) can be provided, today announced
that Consumer Direct, in partnership with Citizens Advice Bureau,
Cumbria County Council and Agilisys, and A4e will operate GFA
consumer pilots in the North West, London, Staffordshire and South Yorkshire.
The pilots will test out a range of options and evidence the
review has gathered from a wide variety of sources; including the
responses to the review's call for evidence and consumer
focus groups, to see how GFA can best be provided.
The pilots will:
* Test for the first time GFA across three channels - the
telephone, the web and face-to-face.
* Aim to reach more than 5000 consumers, providing guidance or
information, not regulated advice, on a range of areas from jargon
busting, to budgeting, tax and benefits, saving and planning for retirement.
* Go live on 17 September, operated by Consumer Direct and
Citizens Advice Bureau at http://www.consumerdirect.gov.uk
and A4e at http://www.a4e.co.uk
* Remain live until 17 December, with consumers encouraged to
take part through local marketing and communications campaigns
with the help of local and regional organisations.
Consumer testing is a key part of formulating evidence-based
recommendations for a national Generic Financial Advice service.
The results from the independent evaluation of the pilots will be
published in the final Thoresen Review report in early 2008.
The Reviewer, Otto Thoresen said:
"These pilots represent an important step within the review
process. Working directly with consumers will give us valuable
practical insight into how a generic financial information and
guidance system may be developed."
Economic Secretary to the Treasury, Kitty Ussher said:
"The Government wants everybody to be able to get good
financial advice easily and simply. Generic financial advice has
the potential to help people across the UK to manage their money
and to ask the right questions of financial suppliers. These
pilots are vital to help determine what will work well for
consumers and the results will be of interest to government,
industry and consumer groups alike. I look forward to the outcome
of the pilots with great interest, and the final Thoresen Review
report which they will help to inform."
NOTES TO EDITORS
1. The Thoresen Review was announced in January 2007 by the then
Economic Secretary to the Treasury, Ed Balls MP, as part of the
Government's long-term approach to financial capability. Its
remit is to research and design a national approach to Generic
Financial Advice.
2. The review's terms of reference and the Call for Evidence
were issued on 13 March 2007 and closed on 27 April 2007. These
are available from the Thoresen Review website: http://www.hm-treasury.gov.uk/independent_reviews/thoresen_review/thoresenreview_index.cfm.
3. The review will issue an interim report in Autumn 2007 and its
final report in early 2008.
4. 'Financial Capability: the Government's long-term
approach' can be found at: http://www.hm-treasury.gov.uk/media/1/F/fincap_150107.pdf
5. Testing the feasibility of delivering financial information,
guidance and tools across three delivery channels, the pilots will
provide an indicative evidence base on a variety of issues
including the most effective channel mix and the impact of the
service on financial services, third sector advice agencies and consumers.
6. The 14-week long pilots will test out the assumptions and
evidence the review has gathered from a wide variety of sources;
including the responses to the review's call for evidence,
workshops held in Edinburgh and London, cost-benefit analysis,
consumer focus groups and academic research/international experience.
7. The three advice channels will provide consumers with guidance
and advice on a range of financial topics, including budgeting,
insurance, pensions, savings and bank accounts as well as
life-based events such as buying a first home. The web pilot will
be based on the FSA's 'moneymadeclear' website,
which has a range of GFA tools such as calculators and comparison
tables. The pilots will test out a variety of marketing
techniques, including local radio, leaflet drops and promotion by
intermediaries such as GP surgeries and other advice agencies, to
invite the target market to ring the GFA pilot telephone number or
access the website.
8. Non-media enquiries should be addressed to the Treasury
Correspondence and Enquiry Unit on 020 7270 4558, or by e-mail to public.enquiries@hm-treasury.gov.uk
9. This press release and other Treasury publications and
information are available on the Treasury website at http://www.hm-treasury.gov.uk.
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