When Otto Thoresen, chief executive of Aegon UK, made the case for a nationwide generic financial advice service in March 2008, the fear was the government might decide it wasn’t necessary. His review for the Treasury was full of warnings against losing momentum. Now, with the downturn biting and the opposition accusing it of inaction, the government can’t wait for “money guidance” – the slightly catchier name for free advice – to be rolled out nationally.

First in the Budget and again in this week’s proposals on regulatory reform, the Treasury has thrown its weight behind a national scheme. It will be launched next year, unless something goes horribly wrong with a pathfinder project in the north-east and north-west, called Moneymadeclear. That’s good news. While most readers won’t need the basic money guidance on offer, Mr Thoresen identified 19m others likely to suffer the consequences of poor financial decisions. The introduction of a national pensions savings scheme in 2012 will further underline the need for a basic network of free, unbiased guidance.