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Compliance April 19, 2010
FSA Appoints CEO of new Consumer Financial Education Body
April 19, 2010 (PLANSPONSOR.com) – The Financial Services Authority (FSA) has named a heavy hitter to head a new consumer financial education initiative.
Reported by Nevin E. Adams
The FSA has announced the appointment of Tony Hobman as the chief executive of the newly created Consumer Financial Education Body (CFEB). Hobman is currently chief executive of the Pensions Regulator and has held a number of senior appointments within the financial services arena, including 20 years with Barclays Bank. He also has been chief executive of ProShare, the Money Channel plc and the Occupational Pensions Regulatory Authority.
Organization Imperatives
CFEB was established by the Financial Services Act, which received Royal Assent earlier this month. The organization is charged with enhancing the public’s understanding and knowledge of financial services and their ability to mange their own money matters.
CFEB will take responsibility for the national roll out of the Money Guidance service, delivered under the Moneymadeclear brand. The service allows people to speak to trained money guides who will assist them with their money issues. A full national roll-out of the face-to-face service is due to be in place later in 2010.
According to a press release, the new body will also be continuing the program of work established by the FSA’s financial capability division, including projects to help school children, young people, students, employees, new parents, and other targeted groups of consumers such as people facing redundancy, approaching retirement and those via its work with non-profit organisations.
FSA Focus
The FSA regulates the financial services industry and has five objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
The FSA is currently advertising for a chairman for CFEB. The new chairman will be responsible for appointing a board. Both CFEB’s CEO and chairman are appointed by the FSA Board.
In November 2009, the Government announced the UK-wide rollout of the money guidance service following the successful pilot led by the FSA in the North East and North West. The service allows people to speak to trained Money Guides who will assist them with their money issues.