The FSA and Treasury are hammering out plans to implement their 8m consumer education programme across the UK.A review of the Financial Capability Strategy will be published in September and will help inform development of the scheme as it goes into the implementation stage. The programme was set up in 2003 to empower the public to take more control of their finances by providing them with education and generic advice. But despite constituting an 8m chunk out of the FSA’s 2005/06 budget, the project is still in its formative phase and a coherent nationwide strategy has yet to be unveiled. A number of pilot projects have been carried out with groups including Roehampton University and the Citizens Advice Bureaux. Both the FSA and BBC have set up financial healthcheck facilities on their websites. Central to the initiative is a survey designed to provide a comprehensive view of financial capability in the UK, the results of which will be published later this yearAn FSA spokeswoman says the review will finally set out a firm strategy which will build upon the work done so far, using feedback from the steering group of industry and consumer representatives. But one source close to the initiative is concerned that the industry is not getting value for money. He says: “I do not think that this initiative has made much progress. A lot of money has been spent on this project and we need to start seeing results.”
Financial services provider of customer management solutions, Focus Solutions, has appointed Chris McGraw as director of Northern sales. McGraw will be responsible for generating new opportunities within Scotland and the North of England for Focus’ solution for the life and pensions market enabling e-trading across multiple distribution channels. His experience spans 25 years in sales […]
Investment firm Shepherds (Financial) Limited, which ran an offshore viatical fund which invested 26m in collapsed American life office MBC, is holding a creditors meeting on August 9 to consider the appointment of a liquidator.
Yields on investment in residential property have fallen consistently over the past five years – leading to claims that the sector is no longer attractive and announcements from some quarters that the buy-to-let market will collapse.
The company set up to process split-cap compensation claims received 39,500 completed application forms by the July 18 deadline. Forms were distributed at the end of April by Fund Distribution, which expected to get around 50,000 applications. Fund commissioner Mike Ellis says the applications will now be assessed to determine eligibility for compensation. Investors suffering […]
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The Federal Deposit Insurance Corporation, a US government agency, has filed a lawsuit against some of the UK’s largest banks over manipulation of Libor, which it argues was skewed against the banks it had to rescue during the financial crisis. The agency has brought a claim against nine banks, including Barclays, Lloyds Banking Group and RBS, in […]
Royal London has defended moving its Ascentric platform to an “all-in” pricing structure earlier this year, saying the decision has paid off with a spike in Sipp accounts. In May, Ascentric moved to a single account charge, ditching trading fees and charges for Sipp and drawdown administration. However, portfolios under £1m are now charged at […]
Drawdown and individual pension sales at Royal London rose by more than 60 per cent in the first half of 2017, but the provider has hit out at the non-advised market for failing to protect customers. In its results this morning, Royal London said that it had seen a particular boost to individual pensions and […]