Study on access to comprehensive financial guidance for consumers

This study was commissioned to identify best practice regarding both the provision and the incentivisation of the use of financial guidance services. It is based on desk research, a literature review, an on-line survey and interviews in seven countries: Australia, Belgium, Denmark, France, Germany, the Netherlands and the United Kingdom between January and July 2016. It investigates the following aspects of financial guidance services: the extent and nature of the needs; national planning; the nature of current provision; business models and funding; how services are promoted and use is incentivised; effectiveness and quality of services; regulation, quality assurance and access to redress. It concludes that it will be difficult to develop a blue print for financial guidance services that would be appropriate to all member states. National provision needs to build on existing organisations to cover all sections of the population and will need a diversity of channels to achieve this. Comprehensive provision also needs a national body to encourage the development of services, promote their use, share best practice within and across countries, encourage a regime of skills training and accreditation and provide oversight.