CFEB launched today to help avoid debt
The newly created Consumer Financial Education Body (CFEB) has been launched today and is aimed at enhancing consumers’ financial education and their ability to manage their finances, thereby avoiding debt.
The creation of the London-based agency comes at a time when the Government is concerned that a lack of financial knowledge means that consumers are not taking advantage of savings and pensions products.
The body, which has 134 members of staff, will work with school children, employees, students, those approaching retirement and the unemployed.
It will run the free guidance service – Moneymadeclear – which has a website and answers individuals’ queries.
Tony Hobman has been appointed to run the agency. Mr Hobman, who is currently chief executive of the Pensions Regulator, has held many senior appointments within the financial services area.
He comments: “Now more than ever, people need help with their finances so that they have the knowledge, confidence and support to take control of their money and choose products and services that meet their needs.”