FSA and Treasury launch Financial Capability Action plan

by Gill Montia

Story link: FSA and Treasury launch Financial Capability Action plan

The Government has outlined the details of its Financial Capability Action plan, which is being launched by the Treasury and the Financial Services Authority (FSA) and is designed to support families struggling with rising living costs.

The £12 million scheme should give consumers improved access to financial information and support.

It involves the FSA upgrading its Moneymadeclear website and helpline, with the new features due to be promoted to the public during the autumn of this year.

The portal will operate as a one-stop shop on financial issues and direct enquirers to specialist advice services.

The plan also involves increasing personal finance education in schools and the full roll-out of the pilot Pathfinder money guidance service, which can be accessed by the Internet, phone and face-to-face.

Schools will see the launch of an £11.5 million My Money scheme which will operate alongside the FSA’s £61 million Learning Money Matters initiative.

The Council of Mortgage Lenders has welcomed the plan, which it believes will dovetail with the steps that lenders are taking to help borrowers manage rising mortgage costs.