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AITC calling for education agency

The Association of Investment Trust Companies is pressing for a dedicated financial education agency.

The AITC, which is a key member of the Personal Finance Education Group and is involved with FSA financial capability strategies, wants to see a more co-ordinated approach to financial education.

The financial education strategy would work across the UK with local providers such as education authorities to set targets, priorities and help with sponsorship.

The AITC believes the structure of the Financial Ombudsman Service sets a precedent for a financial education agency which could be created under the umbrella of the FSA but with a separate management, board and budget.

It proposes firms paying a levy for financial education.

AITC director general Daniel Godfrey says: “We have been calling on the Government to mandate sufficient time to financial education. If this can be combined with a dedicated financial education agency created under the umbrella of the FSA, with its own management and board, reporting annually to the FSA, real progress could be made in short order. People need to save more than ever before for their futures and if bold action is taken, there could be great benefits to society as a whole.”

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