B4 Guidance, Information and Advice

One disadvantage to the Citizens Advice service is:

• Advice is at a cost.

• Trained volunteers may not be professionals in financial issues.

• No face to face contact.

• Only offer advice on housing benefit.

What does IFA stand for?

• Independent Fraud Service

• Independent Freelance Service

• Independent Financial Advisor

The Money Advice Service is:

• Government-funded

• Privately owned

A Debt Counsellor will be able to help you with other financial matters, not just debt.

• True

• False

One disadvantage to an individual voluntary arrangement (IVA) is

• You will lose your house.

• They will get your creditors to contact you more regularly.

• There is a set up and handling fee.

• It will be on your record for 1 year.

Two advantages to a price comparison website are:

• 100% accurate and up to date.

• Cover all the possible options available.

• Saves a lot of time rather than pricing individually.

• Easy to access 24/7

If someone found themselves in a debt spiral and needed support and solutions, which two organisation's would be best to help them?

• Price comparison website

• Debt counsellor

• Independent financial advisor

• Citizens Advice

Tom managed to save quite a bit of money this year and he now wants to invest it long term. Which two organisation's could help him best?

• Price comparison website

• Debt counsellor

• Independent financial advisor (IFA)

• Money advice service

How can people seek advice using the Money Advice Service? (Tick all that apply)

• Online

• Face to Face

• Telephone

Who regulates Independent Financial Advisors? Tick any that apply.

• Financial Conduct Authority (FCA)

• Financial Ombudsmen Service (FOS)

• Financial Services Compensation Scheme (FSCS)

• Office of Fait Trading (OFT)