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Industry reacts to Thoresen's recommendations

The government's Thoresen Review - which this week recommended the creation of a national financial advice service - has been welcomed by financial firms.

According to the report, conducted by Aegon UK chief Otto Thoresen, the service will provide advice to consumers struggling with their personal finances - such as those having difficulties in paying off their credit bills or home loans.

Internal research cited by the study showed that three quarters of Britons said that they would use such a service.

Commenting, chief executive of the Association of British Credit Unions Mark Lyonette said that he was "pleased" by the report.

"As the credit crunch bites and more people are turned down for credit they are likely to need more guidance to plan their finances," he added.

Angela Knight at the British Bankers' Association was more cautious, saying that "we need to see" how Mr Thoresen's proposals would work "in practice".

She added: "The real tests will be encouraging a good take-up of the service and making sure it meets people's needs."

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