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Delivering Money Guidance

Otto Thoresen9 April 2008

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1. Governing principles

2. Scope of the service

3. Partnership model

4. Multi- channel national approach

5. New Brand

6. Comprehensive marketing strategy

7. FSA to take forward work

8. Funding split between Government and FSA

9. Compulsory levy for industry

10. Approach using a Pathfinder built on the Review’s protocols

Review Recommendations

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1. Governing Principles

Consumer Led

On my sideSupportivePreventativeUniversalSales Free

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Money guidance is about equipping people with tools, knowledge and confidence needed to make better decisions

Budgeting

Savings & Borrowings

Protection

Retirement planning

Tax & welfare benefits

Jargon busting

2. Scope of the Service

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Central Body

• Strategy• Marketing• Content/Quality• Accreditation• Delivery sourcing• Funding

Delivery Co-ordination

• GMM brand • Co-branded

MG (in-house or outsourced)

F2F Web Phone

Money Guidance

Referrals

Cu

stom

ers

Note: “Money Guidance (MG)” is not the brand but is used for illustrative purposes

Specialist partner

Accredited byMG

Generalist partner

Accredited byMG

Non MG guidance and advisory services

3. Partnership Model

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4. Multi channel approach

To engage all of the groups it is important to provide a range of access methods which can link to each other

Web Phone Face to Face

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5. Branding

We recommend that a new brand is established which encapsulates the principles of the service

“on my side”

“sales free”

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6. Engaging the consumer

The most important and the most challenging part

Branding and marketing will be crucial to persuading people to use the service.

This is a service people need but may not know they want

Need to be imaginative in the way we engage with people.

National & regional campaigns

Trusted intermediaries

Social networks & viral marketing

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7. Taking the Service Forward

Independent

Robust mechanism for levying

World leader in financial capability

Expertise in working in partnership to deliver financial capability

MoneyMadeClear experience

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8 & 9. Funding

Fairness

Efficiency

Accountability

We recommended that the cost is split equally between the Government and Industry via a compulsory levy

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10. Pathfinder

We recommended a pathfinder is established to turn the blueprint into a fully operational service

Leading to the roll out of the service

End to End Service

Regional focus

Target 500,000 to 750,000

12 to 15 months

Build on Review’s protocols

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Pathfinder – recommended scope

Measures of success

Appropriate core subjects

Marketing & engagement strategy

Appropriate boundaries

Training & recruitment

Test the partnership model & commercial setting

Criteria for referrals

New brand

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Pathfinder Phases

Development Phase Delivery Phase

Marketing plan ~£4m brand strategy

Infrastructure ~£2m website accreditation standards trusted intermediaries recruitment & training build on protocols measuring outcomes

We estimate that the Pathfinder will cost £12m

Validation~£6m

Engagement

Ability to fulfil needs

Manage demand

Partnership

Commercial setting

handoffs

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Government announced £12m package

Pathfinder will be lead by the FSA

Expect start in the Spring

Ted Hart will continue as Project Manager at FSA

Chris Pond is the main sponsor

Next Steps