The service will be rolled out across the UK within a year of a Conservative government coming to office, confirmed a party spokesperson.
It will provide “impartial and independent” guidance via face-to-face sessions, telephone and online information.
The nationwide service will cost £50m per year to set up and operate and will be funded through a new social responsibility levy on the financial services sector.
The free advice service is part of the Tory Party’s wider plans to promote what it describes as “responsible consumer finance” and sits alongside its initiative to replace the FSA with a new consumer protection agency.
Further pro-consumer measures include a requirement for credit card companies to provide clear information and ensure nobody is forced to sell their home to pay unsecured debts of less than £25,000.
The Tory’s free advice initiative has echoes of the Government’s Money Guidance scheme, as set out in its 2009 Pre-Budget report, to give financial advice to over one million financially excluded people in the 12 months from March 2010.
