Thoresen Review set to give consumers financial guidance
March 5, 2008 by admin
Filed under News, News-Credit-Cards
The government has announced details of new guidance designed to help consumers make more financially aware decisions. 
According to the British Bankers Association (BBA), the proposals are designed to deal with the core problems of a public lack of understanding and awareness of financial services and how banks can help.
Otto Thoresen has been appointed by the economic secretary to the Treasury to undertake the review.
Angela Knight, BBA chief executive, said: “The BBA believes better financial education is key to ensuring people can make sensible plans for the future and provides us with the best hope of addressing the problem of financial literacy at a national level.”
She added that the Thoresen Review has identified a real gap in the financial knowledge among the population.
The recommendations included the implementation of a national money guidance service to be governed by the principles of impartiality, supportiveness, crisis prevention and universality.
Budgeting, saving and borrowing, protection, retirement planning, tax and welfare benefits are some of the topics covered by the new guidance.
