Understanding Financial Advice Services and Resources
Discover the functions, roles, and pros and cons of Citizens Advice, Independent Financial Advisors (IFAs), price comparison websites, Money Advice Service, debt counsellors, Individual Voluntary Arrangements (IVAs), and bankruptcy. Learn about organizations like Citizens Advice that offer free advice, IFAs that provide diverse financial services, and other resources for managing finances like price comparison websites and debt counsellors.
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Presentation Transcript
B4 INFORMATION GUIDANCEAND ADVICE Do you use price comparison sites? How trustworthy are they? INFORMATION GUIDANCE AND ADVICE
INFORMATION GUIDANCEAND ADVICE In this topic you will learn about Function, role and responsibilities, advantages and disadvantages of: Citizens Advice Independent financial advisor (IFA) Price comparison websites Money advice service Debt counsellors Individual Voluntary Arrangements (IVAs) Bankruptcy
CITIZENS ADVICE An organisation that offers free and impartial advice to individuals on legal, financial, consumer and other problems Run by charities Offers a large amount of generic advice through the website plus individual advice face to face, email or phone Citizens Advice. Mission statement We aim to provide the advice people need for the problems they face and improve the policies and practices that affect people's lives Citizens advice: debt and money. What is the role of volunteers at the CA?
INDEPENDENTFINANCIALADVISOR (IFA) Professionals who offer advice on a wide range of financial services e.g. mortgages, pensions and savings Can advise on products from a wide range of providers i.e. they are not tied to one financial provider Advice from Moneysavingexpert.com on choosing an independent financial advisor. The IFA may however charge for their services Individuals may have a personal IFA who they work with over a long period of time trusting them with many aspects of their personal financial management
OTHERSOURCES Price comparison websites Free information available on the internet to compare prices from a range of organisations offering the same or similar products e.g. car insurance, currency exchange, mortgages The Money Advice Service. Would you take advice from a meerkat? https://www.comparethemarket.com/ Money advice services (MAS) Government organisation with a remit to help individuals manage and plan their finances Free and impartial advice Budget 2016: Money Advice Service to be abolished. WHY? To be abolished and replaced by a smaller organisation
OTHERSOURCES Debt counsellors An individual e.g. an IFA or organisation who works to help advise individuals on how to avoid and manage debt Advice on how to reduce payments Can be charitable organisations helping to reduce debt view the work of The Debt Counsellors http://thedebtcounsellors.org.uk/about/ Should there be one body to advise on pensions and debt? Can also offer help with IVAs and bankruptcy (see next slide)
OTHERSOURCES Individual Voluntary Arrangements (IVAs) A Government organisation that allows individuals to work with an insolvency partner to manage their debt The individual: Declares themselves bankrupt IVAs: Gov.uk Agrees to make a regular repayment of a pre agreed amount to an insolvency partner The insolvency partner shares this out amongst all of the individual s creditors All or some of the debt will be repaid Bankruptcy Bankruptcy: Gov.uk When an individual formally declares themselves unable to repay their debts Should be seen as a last resort as the consequences can be severe and long lasting
WORKINPAIRSTOCOMPLETETHETABLE BELOW. YOUMAYWISHTODRAWITON A3 PAPER. Source Function Role and responsibility Advantages Disadvantages Citizen advice IFA Price comparison websites MAS Debt counsellors IVAs Bankruptcy
INFORMATION GUIDANCEAND ADVICE In this topic you have learnt about Function, role and responsibilities, advantages and disadvantages of: Citizens Advice Independent financial advisor (IFA) Price comparison websites Money advice service Debt counsellors Individual Voluntary Arrangements (IVAs) Bankruptcy
