Money Advice ScotlandAnnual Conference 2011

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 or ‘money guidance’ service.

• Service piloted in England and Wales 2009-2011• 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 2010.• ‘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 – 35-40 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 isn’t

• 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 client’s 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 2011Fife, Dundee, Angus and Perth, Renfrewshire, Lanarkshire, East, Mid Lothian, Argyll & Bute, Scottish Borders

• May 2011

West Lothian, Forth Valley, Dumfries & Galloway, Ayrshire

• June 2011Glasgow, Edinburgh, Highlands, Aberdeen

How do we refer?

• Call Centre 0808 8000118

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: Vida.gow@cas.org.uk

T: 0131 550 1048