A free financial advice service has been launched by the Government. Called Moneymadeclear, it offers a telephone helpline, website and face-to-face sessions with independent financial experts. The service will cost around £20m in the first year and is being jointly funded by the Government and the Financial Services Authority. In future years it will be paid for by taking up to £100m from dormant bank accounts, as announced in last year's pre-Budget report.
"Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form, want advice about opening a savings account for your children or grandchildren, or you want some help dealing with repayments before they get out of hand," says the Chancellor, Alistair Darling. "This service will provide much-needed advice for one million people across the UK in the coming year alone."
The service has been in operation in a trial version in the North of England, where some 500,000 people were helped, officials said.
Under the service, people can get face-to-face advice in offices of organisations such as Citizens Advice Bureaux and Age Concern and Help the Aged. There's also a The Moneymadeclear website at moneymadeclear.fsa.gov.uk and a helpline on 0300 500 500.