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Review of education strategy set for September

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.”

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