Thoresen estimates 'Money Guidance' service will cost £49m a year

Unveiling his Review of Generic Financial Advice, Thoresen says the industry’s share should be raised via a levy, with contributors drawn from firms regulated by the FSA, consumer credit firms regulated by the Office of Fair Trading, and National Savings and Investment. The Review estimates the service will generate £5bn in benefits for the financial services industry, £6bn for the Government and £15bn for consumers. It is believed the service will be used by around four million people a year. Thoresen has called the service the Money Guidance scheme because he says consumers would not k...