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FSA appoints consumer education body chair

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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There are 17 comments at the moment, we would love to hear your opinion too.

  1. Yet another bull***t post to cost the taxpayers and IFAs money. Get rid.

  2. Another ticket for the gravy train

  3. Jobs for the boys, getting paid excessive salaries and bonuses for being a collegue and friend of Hector Sants.

  4. 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!

  5. 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.

  6. 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?

  7. 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.

  8. 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?

  9. Re Med Evans post
    So you really think this new quango is about to promote IFAs?

  10. If HMRC cannot get its sums right how on earth will this lot manage to advise the public?

  11. Med Evans, my dear chap, (chapet) , you are living on cloud cokoo nine,
    this is further proof that the IFA is being driven out of business and paying the regulator to do it!
    Wake up before it is too late!

  12. Sounds like another super idea to fill a couple of hours a week and at only 32 million a year to run too.

  13. As Ifa’s, we don’t get a say in all this but we’re expected to pay for it. The world is nuts.

    We regularly educate the public but along with that aspect of our advice we also earn a living by doing so.

    I can’t see how educating the public is going to help me, nor should it be my responsibility, but I can see that it’s going to cost me yet again and encourage those to, as it were, shop on line. We are being taken advantage of, it’s a simple as that.

  14. Yes, there is a lot of cynicism and negative attitude to this new body – but is it any surprise given the way in which we IFAs have been treated over the past decade.

    All credit to Med Evans for his optimism but in my view this latest unaccountable quango (funded by IFAs) will almost certainly achieve nothing useful whatsoever.

    If the FSA were to concentrate on what it was originally tasked to do and stop making up its own agenda perhaps it might earn more respect from IFAs.

    But of course, that is not the way of empire builders!

  15. Sensible questions as always from Evan Owen. I won’t pretend to have the answer, but I suspect it will turn on whether CFEB advises “by way of business”. My gut instinct is that it won’t, but I’m sure Gareth Fatchett would love to hoover up some more IFA cash to tilt at this windmill too if you give him a chance

  16. After 20 years of dedicated service without any complaints whatsoever, I am now OUT and am watching this circus from the sidelines as a Management Consultant. Its surprising how the opportunities start to unfold and I can become creative again.

  17. I wonder what, in reality, the difference is between “education” and “advice”?

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