New Government financial guidance service for North West

From today, residents in the North West of England will be able to obtain impartial financial information and guidance either over the phone, face-to-face or via the web, thanks to a three-month government-funded trial.

Those wanting to access the service during the trial period can call a single low-cost number - 0844 581 1020, visit Citizens' Advice Bureaux in Allerdale, Barrow, Chorley or Bolton or source information online from consumerdirect.gov.uk or a4e.co.uk.

The service aims to:

help you budget and plan your finances
arm you with the knowledge, tools and confidence to deal with banks, building societies, insurance and financial service companies on an equal footing
suggest other avenues where you can go to help you make more informed financial choices.

The service will not

try to sell you a product or a service
pass on your details to any financial service provider

The trial will run for 12 weeks starting on September 17th and finishing on the 17th December and will contribute to the Independent Review into Generic Financial Advice chaired by Otto Thoresen, Chief Executive of AEGON UK.

The Review was commissioned by the Economic Secretary to the Treasury in January 2007. The aim is to increase financial capability by giving greater access to generic financial advice for all, while ensuring effective targeting of those most vulnerable to the consequences of poor financial decision-making.

Christine Cryne, the Director for Consumer Direct at the Office of Fair Trading said: "Consumer Direct has a proven track record in providing clear, impartial and practical advice. Working together with our partners, we hope to offer callers a really useful service and provide the Thoresen Review team with some valuable research material."

Phil Ashcroft, Head of Trading Standards at Cumbria County Council said: 'Trading Standards Services in the North West are all too well aware of the impact that bad financial decision making has on the most vulnerable in society, and we are fully behind this project which has the real potential to help people make informed and considered financial decisions.'

It is hoped that the results of the pilot will help the Thoresen Review to determine the most appropriate and cost effective delivery model for the provision of Generic Financial Advice across the country. The Review team will publish its interim report in the autumn, followed by the full report in 2008.