A new Government-run service is set to provide impartial financial advice for millions of UK citizens looking for help with money matters.
The service – called Moneymadeclear – was launched by Chancellor of the Exchequer Alistair Darling and will provide free consumer advice from independent financial experts.
Moneymadeclear gives people the chance to pick up the phone, talk face-to-face or get information online with regard to money worries, financial planning and information on consumer rights.
The service also gives advice to consumers who think they may have been mis-sold a financial product and don’t know what action to take.
A service such as this is long overdue says life insurance comparison site QuoteBoffin.co.uk:
“Consumers have long deserved a service that is concise and impartial as Moneymadeclear, especially for people who have concerns over money but do not know who to turn to.
Moneymadeclear also supports the different ways in which people take in information as well as the resources consumers have available. For example, some people prefer to use the web to get information whilst others are more comfortable meeting an advisor face to face and so forth.”
The Government has trialled the service in the North East and North West since last April. The trial helped 500,000 people and is expected to assist a million people in the next year alone.
Chancellor Alistair Darling said:
“Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form; want advice opening a savings account for your children or grand-children or want some help dealing with repayments before they get out of hand.”
In a post recession economy the importance of financial support for concerned consumers will undoubtedly be welcomed by people looking to firm up their finances.
QuoteBoffin.co.uk went on to say “Although the UK has officially left the recession it’s going to take many years to see a full recovery. This means that continued job losses, mounting debt and high interest rates will put continued strain on consumers.