Consumers will get lessons in financial awareness paid for by banks in plans expected in the Queen's Speech this week.
A new financial education agency will offer consumers personal finance advice including how to calculate compound interest rates and understand mortgage deals, reports the Telegraph. A levy imposed on the banking industry will fund the agency, part of the Financial Services Bill which will also will try to tighten bankers' bonuses. The FSA is currently in charge of financial education but the job will now be done by a new independent Consumer Education Agency. The fee banks already pay to the FSA to fund its work is now likely to increase for the new education body for adults. ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes