UK consumers might soon become more 'financially equipped' argues the Financial Services Authority after it this morning outlined proposals to launch a consumer education programme ahead of depolarisation.
In the FSA publication of its menu, which has been designed to help consumers compare the charging structure between different companies, the regulator today took a step further in trying to protect the individual shopper by suggesting to introduce further consumer awareness measures.
Details of Consultation Paper 04/3 Reforming Polarisation: A menu for being open with consumers states the FSA intends to introduce a consumer education programme focusing on three aspects which are likely to affect consumers post-depolarisation.
This programme will lay the emphasise on how depolarisation will affect consumers, to ensure people are aware of the status of the person advising them, as well as teach consumers how to use the menu to compare the costs of advice with market average as well as shop around "by proxy".
The FSA hopes the consumer education strategy will help consumers to become more aware of how the market works, as "the success of depolarisation depends on consumers playing an increasingly active part in the market by shopping around".
That said, the finer details are still to be revealed as the FSA so far has not outlined how the education programme will work in practice.IFAonline
Square Mile’s series of informal interviews
Achievements, charity work and other happy snippets
Latest news and analysis
69% of general population