New Markets - New Opportunities?

05/05/2011 The Money Advice Service Scotland

Background and Pathfinder In March 2008 the Government published the final report of the Thoresen review of generic financial advice. It identified the need for a Generic Financial Advice ormoney guidance service. Service piloted in England and Wales From April 2011, face to face money advice delivered by Citizens Advice in Scotland Telephone and website based money guidance delivered by the Money Advice Service

Rebranding Money Guidance to be Money Advice Service CFEB also known as Money Advice Service The Consumer Financial Education Body (CFEB) was an independent body, created in April 2010 by the Financial Services Act Money Guides will become Money Advisers New logo and name on all materials CFEB re-branded as the Money Advice Service from 4th April 2011

Our delivery model involves the establishment of a set of regions throughout Scotland. In each region a lead bureau is responsible for the delivery of the advice sessions. The number of sessions in each area vary - based on data provided by the Money Advice Service on the areas with the highest density of clients vulnerable to poor financial decision-making. Bureaux deliver using money advisers, based from one or more bureau in the area First year of operation – 11 Regions throughout Scotland

Money Advice Service face to face What is it? Short face to face session – minutes Empowering clients Taking control of finances Making financial decisions that are right for them

The Money Advice Service can help clients to: prepare a weekly or monthly budget learn about the different types of mortgage find out about savings options plan for retirement understand the tax and welfare benefits systems know about the different types of credit available protect their families with insurance for themselves, their relatives, car and home

What it isnt Not debt advice – but it can refer No casework or follow up - the client gets an action plan No sales / product recommendation No regulated financial advice – information only Client can have further session/s, however website and telephone service are also available

The Money Advice Service can help your clients make the most of whatever money they have and take steps to plan for the future. The Money Advice Service sessions are available to everyone but we need to make sure we reach the people who need us most. Reaching clients – how you can help

Who is it for? Financially vulnerable people who may lack the confidence or the necessary skills to make sure the money they have works for them. People at key life-changing stages such as: leaving education starting work buying a home expecting a baby redundancy relationship breakdown approaching retirement bereavement.

What happens in a session service explained to the client explore the presenting query information and guidance give client details of possible next steps give leaflets, factsheets or other literature to the client assess clients other needs and refer to internal or external agencies where appropriate input all necessary management information onto computer briefly write up and confirm guidance. produce an action plan for the client (where appropriate).

When does it start? April 2011 Fife, Dundee, Angus and Perth, Renfrewshire, Lanarkshire, East, Mid Lothian, Argyll & Bute, Scottish Borders May 2011 West Lothian, Forth Valley, Dumfries & Galloway, Ayrshire June 2011 Glasgow, Edinburgh, Highlands, Aberdeen

How do we refer? Call Centre Hosting If your agency would like to host sessions, please contact Vida Gow, Service Delivery Manager for more details (contact details on final slide)

Questions? To find out more contact Vida Gow, Service Delivery Manager for the Money Advice Service Scotland E: T: