View more on these topics

FSA to spearhead debt advice pilot

The Financial Services Authority will launch a free debt advice pilot scheme based on the recommendations of the Thoresen Review of Generic Financial Advice.

The review calls on the government to provide a free public financial advice strategy to Britons.

Otto Thoresen, chief executive of Aegon UK, was appointed by the Treasury to undertake the review to assess the feasibility of a national approach to generic financial advice.

In his final report published today, Thoresen proposes that the advice scheme be supported by the financial services community via a levy paid by all FSA-regulated firms, the Office of Fair Trading and National Savings and Investment.

The FSA will spearhead the pilot, which will be focussed on budgeting, saving and borrowing, tax and welfare benefits, protection and retirement planning.

The scheme will offer advice, with the focus on crisis prevention and supportiveness for consumers rather than the sales aspect of the financial advice process.

Hector Sants, chief executive of the FSA, says:”Otto Thoresen is to be congratulated for producing such a thorough report and setting out a clear road map for taking this work forward.

“We recognise that many consumers are not equipped to make informed decisions about their finances and can fall victim to the consequences of those poor choices. We are delighted to be leading the next phase of work. “


One in six Britons think UK is in recession

One in six Britons believe the UK is already in a recession, reveals a report by consumer finance site many ‘recession virgins’ have yet to notice the downturn a significant amount of homeowners acknowledge the uncertain time with 74% deciding to sit tight until the market returns.The report, ‘Cracking the credit crunch: recession veterans […]

Immigrants may boost brokers’ B2L business

A number of recent re-ports have highlighted the fact that buy-to-let is now a mature sector and should perform relatively well in 2008, de-spite the expected economic downturn.

Don’t let the crunch take us back to the bad old days

My old friend Colin Snowdon, chief executive officer of Wave, has been running an interesting series of advertorials in the trade press recently, provoking debate on a range of mortgage-related issues.

Enterprise launches expansion websites

Enterprise Group is launching four websites in the coming weeks to mark its expansion as a technology based loan and mortgage distributor.EDGEv2 was the first site to go live and has received a strong response with over 9,000 brokers registering since November. Enterprise Finance, the secured, bridging and commercial arm of the group is the […]


News and expert analysis straight to your inbox

Sign up