New financial education body established

The Financial Services Authority (FSA) has established a new financial education body designed to enhance people’s understanding of financial matters and improve their ability to manage their own financial affairs.

The Consumer Financial Education Body (CFEB), will continue to run financial education seminars for employers as the FSA did. Work on the national money guidance service Money Made Clear will also fall under CFEB’s remit.

Tony Hobman has been appointed as the chief executive of CFEB and will take up the role in May. Hobman is currently the chief executive of the Pensions Regulator.

CFEB came about as a result of required the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2010). It will run independently from the FSA.†

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