Help needed for financial advice service

Mon, 09 Jan 2006


Citizens Advice is hoping to extend a successful pilot project aimed at giving those with lower incomes free independent financial advice.

The national charity is now looking for partners to help it to continue offering the service, which has been rated by 77 per cent of those participating in the pilot scheme as being "very good".

Most of the enquiries received in the pilot scheme were about endowment mortgages, followed by pensions advice, the charity said.

Debt, financial planning, equity release, inheritance, relationship breakdown and mis-selling of financial products were other areas in which people asked for help.

"The pilot has demonstrated beyond doubt that there is a real need for generic financial advice among people on low to middle incomes that current provision has failed to meet," comments Teresa Perchard, the director of policy at Citizens Advice.

She adds that financial advice that is "accessible, affordable and relevant" needs to be provided to lower income groups.

"Extending this pilot project is a way of doing just that. We are now looking for partners who want to help us make this a reality," Ms Perchard concludes.

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