2007
Consumer Direct is to take part in a ground breaking three month research project, part of the Government-commissioned Thoresen Review.
12 September 2007
The project, to test the provision of generic financial advice, will take place in the North West of England from mid-September and will be carried out by Consumer Direct in partnership with Cumbria County Council, Agilisys and Citizens Advice. The project will contribute to the Independent Review into Generic Financial Advice chaired by Otto Thoresen, Chief Executive of AEGON UK.
The Review was commissioned by the Economic Secretary to the Treasury in January 2007. The aim is to increase financial capability by giving greater access to generic financial advice for all, while ensuring effective targeting of those most vulnerable to the consequences of poor financial decision-making.
The testing will be run via three separate channels – telephone, face-to-face and on the web. Consumer Direct North West, which is run by Cumbria County Council and operated by Agilisys, will provide telephone advice, Citizens’ Advice staff in four North West Bureaux will offer a face-to-face service and web-based information will be available at www.consumerdirect.gov.uk and www.a4e.co.uk. The trial will run for 12 weeks starting on September 17th, 2007.
Christine Cryne, the Director for Consumer Direct at the Office of Fair Trading said:
'Consumer Direct has a proven track record in providing clear, impartial and practical advice. Working together with our partners, we hope to offer callers a really useful service and provide the Thoresen Review team with some valuable research material. Our challenge is to encourage callers to phone for advice and we aim to get the messages across simply and clearly. If this works we really could have an enormous impact on society in the longer term.'
Phil Ashcroft, Head of Trading Standards at Cumbria County Council said:
'Trading Standards Services in the North West are all too well aware of the impact that bad financial decision making has on the most vulnerable in society, and we are fully behind this project which has the real potential to help people make informed and considered financial decisions.'
Consumer Direct will be publishing a four-page colour leaflet explaining the key features of the service, which will be distributed to 30,000 homes in the target area. This will be supplemented with a personalised direct marketing campaign in Cumbria, Lancashire and Merseyside and a radio advertisement will run on stations in Wigan, Merseyside, Carlisle, South Lancashire, North Manchester, Preston and Blackpool.
It is hoped that the results of the pilot will help the Thoresen Review to determine the most appropriate and cost effective delivery model. The Review team will publish its interim report in the autumn, followed by the full report in 2008.
