FSA appoints consumer education body chair
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The FSA has appointed social policy group Lemos&Crane partner Gerard Lemos as the chairman of the Consumer Financial Education Body.
Lemos is a partner at the social researchers where he leads its research team. He is the author of numerous books and reports about social policy and is a non-executive director of the Crown Prosecution Service.
FSA chief executive Hector Sants says: “I am delighted that Gerard is to become chairman of the CFEB. He is taking up his role at a critical time for the new body as it prepares to set up the national financial advice service, establish its operational independence and develop a long-term strategy.”
The new body, created in April of this year and funded by the financial services industry, provides information, education and advice through a national financial advice service. It also sets up projects for young people, students, employees, new parents and those approaching retirement via its work with non-profit organisations.
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Readers' comments (17)
Anonymous | 20 Sep 2010 11:32 am
Yet another bull***t post to cost the taxpayers and IFAs money. Get rid.
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Anonymous | 20 Sep 2010 11:52 am
Another ticket for the gravy train
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Anonymous | 20 Sep 2010 12:04 pm
Jobs for the boys, getting paid excessive salaries and bonuses for being a collegue and friend of Hector Sants.
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Rod | 20 Sep 2010 12:05 pm
Here we go again... lets spend the industry’s money, on a none profit organisation to give free advice to consumers, which will mean the public do not need an IFA!
When we have been wiped out there won't be anyone to pay for the overheads of the NPO.
He seems to have feet in many camps!
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Mr Smug | 20 Sep 2010 12:13 pm
According to it's own website until April 2011 the CFEB will receive £32.9m in fees from firms regulated by the FSA.
Shameful. We are not a cash cow and we are struggling to make a living.
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Julian Stevens | 20 Sep 2010 12:19 pm
What's his salary then?
How many support staff are there going to be?
Where are the offices going to be and how much are they going to cost?
What's the anticipated operating budget for this latest quango?
And when are the supplementary levies to pay for an organisation set up to educate consumers how to do without a financial adviser going to start falling on the already hard-pressed IFA sector?
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Med Evans | 20 Sep 2010 12:46 pm
I'm so glad our industry is full of forward thinking consultants and business owners, that diminish any positive thought as the two previous anonymous responses.
We need greater consumer promotion of our industry and instead of knocking what the FSA have set up maybe we should encourage what's being set up and working with them to enhance our reputations. The IFA is a noble and sort after profession where our skills are required on a daily basis. We need to educate the masses on what we can do to help them.
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Evan Owen | 20 Sep 2010 1:58 pm
Does this body need to be regulated? Do the advisers need to be qualified? Who pays compensation if the advice turns out to be flawed? Lots more questions, who do I ask?
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Anonymous | 20 Sep 2010 2:50 pm
Re Med Evans post
So you really think this new quango is about to promote IFAs?
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Anonymous | 20 Sep 2010 2:52 pm
If HMRC cannot get its sums right how on earth will this lot manage to advise the public?
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