Banks are unhappy with suggestions they should pay additional levies to fund financial education in the UK.
A nationwide financial education scheme, announced today as part of the Queen's Speech, is to be launched next year, with funding to come from the financial services industry.
However, the British Bankers' Association (BBA) says its members already contribute significant sums to financial education in the UK, and says additional levies would be counterproductive.
In a statement issued today, the BBA says: "Banks are fully committed to financial education and would support moves to refocus and target the estimated £100m a year they already pay towards financial education.
"Simply asking the industry to pay more is not the best way to achieve the right result."
The Government has proposed setting up a new consumer education and information authority to take responsibility for financial education away from the FSA.
Ministers are hopeful free money advice would help tackle problems of poor financial literacy which has led to spiralling debts for many consumers.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created