As part of the Household Support Fund in Hampshire. there is a ringfenced grant pot of £80,000 that can be used to support organisations to provide advice or guidance services on food, fuel or energy poverty alongside budgeting, finances, maximizing income as well as accessing wider help with food or fuel.
Please note that any financial advice services will need to be provided by a qualified and regulated individual or online by a regulated organisation, in accordance with the FCA requirements.
According to the Money and Pension Service, In the context of money, giving “Advice” is a regulated activity. Only firms that are regulated by the Financial Conduct Authority (FCA) can offer this.
The Money Guidance Competency Framework is for non-regulated money guidance. A helpful definition of the difference between guidance and advice is below:
- Guidance is an impartial service which will help people to identify their options and narrow down their choices but will not tell them what to do or which product to buy; the decision is theirs
- Providers of guidance are responsible for the accuracy and quality of the information they provide but not for any decision made based on it
- Guidance is free
- Guidance will suggest what someone could do
- Advice will recommend a specific product or course of action for a person to take given their circumstances and financial goals.
- This will be personal to them, based on information they provide.
- Advice will be provided by a qualified and regulated individual or online by a regulated organisation.
- Providers of advice are responsible and liable for the accuracy, quality and suitability of the recommendation that they make, and individuals are protected by law.
- Advice will recommend what someone should do.
Applicants will need to provide evidence of their regulation status if applying for grants to deliver financial advice services, and a reference to support previous delivery of guidance or advice will be required in all cases.
When and how to apply
You can apply for this grant during the community grants application window (closing 26 January 2024).
See further information and application details on the Applying for Household Support Fund community grants - Hampshire page.
For more information or an informal discussion please email the team at [email protected]