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 Financial Ombudsman Service will be reviewed by an independent person following claims of poor staff training and alleged biases in its decisions that were exposed in a recent Channel 4 investigation. Treasury Committee chair Nicky Morgan wrote to FOS chief executive Caroline Wayman on 13 March asking for more information about the findings of […]
There are numerous trip hazards with carry forward but more clients will want to be looking at it Many believe the annual allowance will be fair game for the chancellor soon, as one of the least painful and least complex reductions in cost to the Treasury. As such, the need to contribute while clients can and […]
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