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FSA appoints Pensions Regulator chief to new Consumer Financial Education Body

The FSA has appointed Pensions Regulator chief executive Tony Hobman as the chief executive of the newly-created Consumer Financial Education Body responsible for rolling-out Money Guidance.

CFEB was established by the Financial Services Act, which received Royal Assent on Friday April 9, to enhance the public’s understanding and knowledge of financial services and their ability to mange their own money matters.

Hobman spent 20 years with Barclays Bank, and has been chief executive of ProShare, the Money Channel plc and the Occupational Pensions Regulatory Authority.

CFEB will take responsibility for the national roll out of the Money Guidance service, delivered under the Moneymadeclear brand. The service allows people to speak to trained money guides who will assist them with their money issues. A full national roll-out of the face-to-face service is due to be in place later in 2010.

The new body will also be continuing the programme of work established by the FSA’s financial capability division, including projects to help school children, young people, students, employees, new parents, and other targeted groups of consumers such as people facing redundancy, approaching retirement and those via its work with non-profit organisations.

Chris Pond, currently FSA director of financial capability, will become an FSA senior adviser working with both the FSA and CFEB.

FSA chief executive Hector Sants says: “I am delighted that Tony is to become chief executive of the Consumer Financial Education Body at this pivotal time, as the new body is established to deliver national roll out of the Money Guidance service.

“The creation of a separate agency emphasises the importance of financial education in improving the effectiveness of the UK’s financial market for consumers. CFEB will be able to take a leading role in improving consumer understanding of money matters and, in turn, help to improve consumer confidence in financial services.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Do I see yet another case of “jobs for the boys”?

  2. I wonder who’ll be paying to foot the bill for all of this!

  3. Agree with the comment above, and just exactly how much are these people going to be paid and who exactly is paying for them and why.

    If it is the advisers throughout the industry, then should we not have an idea of the costs and decide whether or not they are worth it

  4. Yes and also another former banker, no doubt with a fantastic pay & pension package. This is going to be good for the consumer!!

    CFEB another organisation created by this Government peopled by jobsworths in made up jobs who won’t add any value and cost everyone a fortune!!

    What a waste!!

  5. This seems like another open and shut case. CFEP should accept that open drawers are a security issue not matter what is at stake

  6. Totally agree with all the above!! Yet another example of Gordy Broon feathering the nests of his own mates. Not that I thought he had any!!

  7. Hard to imagine that the uninformed masses will become financially literate through this process.

    Nice work if you can get it though.

  8. I didn’t see this job advertised ! I’m totally fed up paying over fees to line the pockets of these grabbing b******s.

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