The government claims that some financial advisors are simply in the business to make a quick buck off of consumers and as a response has announced the release of a new money guidance service available to consumers for free.
The new service is called Moneymadeclear and will be fully staffed by experts in the financial world whose jobs will be to offer interested parties advice for free on a large range of money issues in both face to face meetings and over the phone or via the internet.
The North East and North West already have access to the service on a trial scenario but as of April 1st it will officially open for consumers across the country.
The Government stated at the launch announcement that financial advice is too complicated or expensive for the average person to afford and that most often the firm or counsellor is too interested in lining their own pockets.
The solution thus, was the creation of a non-profit organization for consumers to turn to where the experts have no side interests and can freely offer the best advice on a course of action or product.
The service can offer a variety of useful tips in all areas including purchasing a home, saving for retirement, and tips on how to deal with impending foreclosure, debt, or budgeting.
During the trial period around 500,000 people took advantage of the offer with about 22,000 of those able to meet face to face for financial guidance.
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