Cameron calls for lender-funded advice service

Conservative party leader David Cameron has proposed a £50m social responsibility charge be levied on lenders to subsidise a free consumer finance advice service.

He says the service is urgently required and that Labour dithering has prevented the rollout of such a service.

The Tories say they would roll-out a plan within 12 months of being elected.

Last month the Treasury announced it is in the process of instituting a consumer advice scheme and has committed £12m to establishing it.

Labour says the Treasury advice programme, also funded in part by the financial services industry, is weeks from being launched.