The Personal Finance Society has backed calls for the Government to remove the term ‘advice’ from all branding, marketing and communications associated with the formation of its new single public financial guidance body which will replace the Money Advice Service.

About £7million is to be ploughed into projects to help school kids and students, among others, to learn how to manage their money.

The replacement for the Money Advice Service must have a better referral system towards professional advisers.

The Money Advice Service wants to link up with Financial Planners and develop a closer working relationship, chief executive Caroline Rookes says, as she stressed their goals are more aligned than they might think.