Money Guidance branded 'an absolute fantasy'

Firm chief executive David Ferguson says the brainchild of Aegon UK chief Otto Thoresen would require hundreds of millions of pounds worth of investment every year to work, far more than has been earmarked for the scheme. Money Guidance, unveiled as part of the Thoresen Review in March, pledges to offer free information and guidance for consumers via telephone, email and in visitor centres, among other mediums. The review estimates the scheme will cost in the region of £49m a year to be split equally between government and financial services companies. But Ferguson says this financial...