Jump to content
House Price Crash Forum
Confounded

Treasury Encourages Aid To Borrowers?

Recommended Posts

Treasury Encourages Aid to Borrowers?

Just caught an advert for tomorrows Times about some promotion they were offering and the front page had the following headline "Treasury Encourages Aid to Borrowers"

Is there a way to see if this is their lead story tomorrow or do you need to wait until later tonight?

Edited by Confounded

Share this post


Link to post
Share on other sites
Treasury Encourages Aid to Borrowers?

Just caught an advert for tomorrows Times about some promotion they were offering and the front page had the following headline "Treasury Encourages Aid to Borrowers"

Is there a way to see if this is their lead story tomorrow or do you need to wait until later tonight?

Just the advert again and noticed I got the wording wrong hence the editing.

Share this post


Link to post
Share on other sites

http://business.timesonline.co.uk/tol/busi...icle3471477.ece

Ministers will today unveil plans for a pilot scheme to provide free financial advice to British consumers. The move comes in response to a report commissioned by the Treasury from Otto Thoresen, the insurance boss.

In his report, also published today, Mr Thoresen calls for a free nationwide financial advice service, amid growing concern about levels of consumer debt in Britain. Yvette Cooper, Chief Secretary to the Treasury, will announce plans to back a £12 million regional pilot scheme likely to last at least a year, in tandem with the Financial Services Authority, the chief City regulator.

As well as regional drop-in advice centres for those in need of help with financial matters, the so-called “pathfinder” scheme will involve a telephone service and probably a website.

It will draw on existing services such as Citizens Advice Bureaux and The Pensions Advisory Service, already funded by the Department for Work and Pensions. If the pilots prove successful, the Treasury is likely to back a nationwide rollout of a financial advice service, targeted at the 7.5 million people seen as the most vulnerable in society but freely available to all.

Ms Cooper will say: “Whether it is working out credit card repayments, budgeting for a new baby or planning for retirement, people have to make serious financial decisions at every stage of their lives.

“Getting some free, independent and trusted guidance can make all the difference and can help families to manage their budget and get a better return on their savings. It could also help prevent people getting ripped off by loan sharks or caught out by the small print.”

Mr Thoresen, the UK chief executive of Aegon, the Dutch-owned insurer, will recommend that the Government and financial services industry split the £50 million to £60 million a year cost of introducing nationwide financial advice. Mr Thoresen was asked to work on the review 14 months ago by Ed Balls, who was then Economic Secretary to the Treasury.

Which HPC's will be on the helpline ?

Share this post


Link to post
Share on other sites
“Getting some free, independent and trusted guidance can make all the difference and can help families to manage their budget and get a better return on their savings. It could also help prevent people getting ripped off by loan sharks or caught out by the small print.”

Mr Thoresen, the UK chief executive of Aegon, the Dutch-owned insurer, will recommend that the Government and financial services industry split the £50 million to £60 million a year cost of introducing nationwide financial advice.

Truly independent?

Then there is the question of the government offering financial advice and what if they get it wrong (as if they would)?

I think desperate is an understatement.

Edited by REP013

Share this post


Link to post
Share on other sites
Then there is the question of the government offering financial advice and what if they get it wrong (as if they would)?

I think most people would distrust the government more than they'd distrust a commercial organisation. At least when you are ripped off by a commercial organisation, you can complain to the state. When the state rips you off, you're on your own.

Share this post


Link to post
Share on other sites

Isn't this what the Citizens Advice Bureau does, although it gives free advice about not just money matters?

Why do we need another department?

Anyone wanting help has the biggest resource ever = the net. Just look at MSE..!

Although, I would advocate more teaching about money matters in schools... although I'm sure the banks would put a stop to this!

Oh, and what has the pathfinder scheme got to do with this??

Share this post


Link to post
Share on other sites

It did not materialise as a front page this morning. May be they chose a generic headline that best match the mood of the moment when they are advertising things.

Did think it was a long shot but we will almost certainly follow the Americans with some of these plans.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.