1 Delivering Money Guidance Otto Thoresen 9 April 2008

2 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

3 1. Governing Principles Consumer Led On my side  Supportive  Preventative  Universal  Sales Free 

4 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

5 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 Customers Note: “Money Guidance (MG) ” is not the brand but is used for illustrative purposes Specialist partner Accredited by MG Generalist partner Accredited by MG Non MG guidance and advisory services 3. Partnership Model

6 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 WebPhone Face to Face

7 5. Branding We recommend that a new brand is established which encapsulates the principles of the service “on my side” “sales free”

8 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

9 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

10 8 & 9. Funding  Fairness  Efficiency  Accountability We recommended that the cost is split equally between the Government and Industry via a compulsory levy

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

12 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

13 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

14 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