New provider of financial education
Free, impartial financial information and education will be made available through a new consumer group.
Now more than ever people need help with their finances according to the boss of the newly established Consumer Financial Education Body (CFEB), which is taking over responsibility for financial education from the City watchdog.
More than nine million people have already been helped by the UK's national money guidance service, Moneymadeclear, which will be relinquished by the Financial Services Authority, allowing it to focus on regulating firms.
The independent group will be funded through several sources, including fees raised from financial firms authorised by the FSA.
Around 134 staff from the FSA's financial capability division have been transferred to CFEB, which will be located at Canary Wharf in London during its first year.
Tony Hobman, who will become chief executive of the new group on May 17, said: "Now more than ever people need help with their finances so that they have the knowledge, confidence and support to take control of their money and choose products and services that meet their needs.
"The FSA has laid a tremendous foundation for financial capability and money guidance. I look forward to building on these achievements, taking CFEB forward and helping many more people make the most of their money."
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