Money guidance must not become political football

Welcoming the launch of a nationwide service for money guidance developed by the FSA, the Consumer Panel today urged all political parties to ensure the Bill to establish the new Consumer Financial Education Body (CFEB) gets through in this Parliament.

Adam Phillips, Chairman of the Financial Services Consumer Panel said: "The new Moneymadeclear guidance service is a vital new support system for people who need help and guidance in managing their money. It is too important a service to be lost in pre-election fever at the end of this Parliament. The section of the current Financial Services Bill to allow the Consumer Financial Education Body to be set up as a separate organisation to the FSA must be allowed to go through.

“The Consumer Panel has lobbied since its inception in 1998 for people to be able to obtain unbiased financial guidance which is not linked to selling a particular product or service. Now, more than ever, people need access to good, unbiased money guidance, particularly with new initiatives such as NEST and the FSA’s Retail Distribution Review being introduced in just a few years, The FSA has done a good job in developing money-made-clear, testing the service through pilots, and bringing it to public launch. Now we need to get on with supporting a new organisation which will be of enormous benefit to consumers throughout the UK.”

1. The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives. The Consumer Panel has statutory status.

2. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. What we're doing for consumers[1] explains more about the work the Panel is doing.

3. The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.

4. There are currently thirteen members of the Panel as listed below (for further information on individual members, see Who is on the panel)[2]