UK Money News
3rd March 2008
Banks support money guidance pilot
The banking sector has leant its support to a pilot of the proposed money guidance service.
Money guidance would provide members of the public with information and advice about how to manage their finances.
It was recommended by a government review, chaired by Otto Thoresen and published this morning.
"We need to see how the Thoresen proposals would work in practice," said Angela Knight of the British Bankers' Association (BBA).
"The real tests will be encouraging a good take-up of the service and making sure it meets people's needs.
"Crucially, we need a further pilot project which is closely developed, monitored and – most importantly - costed," she added.
The Thoresen review was commissioned by the Treasury in January 2007.
Its publication comes at a time of growing concern about the state of Britain's finances with personal debt having reached record levels.
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