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Debt - Thoresen backs new advice service - 04/03/2008

A new national financial advisors should be set up from the government, Otto Thoresen has recommended.

The chief executive of Aegon UK was asked by the treasury to investigate the need for such a service - and delivered its report yesterday.

Justifying the scheme, Mr Thoresen cited research undertaken for the report which suggested that three quarters of Britons would use the service.

Long term, its establishment would aim to promote careful budgeting from Britons in order to avoid debt.

Mr Thoresen added: "My report sets out how a national money guidance service could transform people's lives as well as bringing substantial benefits to the industry and government.

"I believe that good money sense needs to be as much part of people's lives in the 21st century as healthy eating and keeping fit."

The new service would be overseen by City regulator the Financial Services Authority and would operate through several partnership organisations, the Press Association reports.

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