Financial Capability Action Plan unveiled

Action to give people more support to tackle their money concerns has being announced by Yvette Cooper MP, Chief Secretary to the Treasury and Hector Sants, CEO of Financial Services Authority (FSA). The Financial Capability Action Plan sets out new measures to give people free advice and assistance to help them to manage their finances.

Launching the Action Plan, Chief Secretary to the Treasury Yvette Cooper MP, said, "We need to make it much easier for people to get access to information, help and advice." The key initiatives outlined in the plan, include:

• Development of an expanded one-stop-shop for information and support based around the FSA's Moneymadeclear website and consumer helpline. This will direct people to specialist advice on issues such as problems with debt, mortgages or utility bills, as well as providing information for first time buyers or other people looking for financial help.
• A new £12m programme to deliver new free advice on money matters including budgeting, money management and planning to help hundreds of thousands of households across the North West and North East of England as part of the Money Guidance "pathfinder" recommended by the Thoresen Review of generic financial advice.
• Support for personal finance education in schools, through the Government's new £11.5m three-year programme My Money and the FSA's £16m Learning Money Matters programme.

Economic Secretary to the Treasury, Kitty Ussher MP said, "Learning to manage money is an essential skill for everyone. I'm convinced that the My Money programme, along with the FSA's Learning Money Matters initiative will have a long-term impact on the financial security of future generations."

The measures will help households facing money worries access a wide range of specialist help and advice, making it easier for families to get support from the £200m programme of debt and financial advice services funded by this Government. Once in place the FSA one-stop shop will also direct people worried by rising energy bills towards independent sources of advice to save consumers money on utility bills.

07 July 2008 © Moneyextra.com

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