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Financial education plans welcomed by industry
Plans by the government to help Britons get to grips with their finances have been welcomed by the financial services industry.
The measures, which were unveiled in yesterday's Queen's Speech as part of the new Financial Services Bill, should help consumers distinguish between a personal loan and a secured loan, or tell their debt from their equity.
Plans for improved financial education and efforts to safeguard consumer finances were hailed as a step forward in empowering consumers, encouraging them to take control of their finances.
Which? chief executive Peter Vicary-Smith was among those who welcomed the move, saying "everyone should have access to a free and impartial national money guidance service", adding that the new consumer education agency should be independent.
Kevin Mountford, head of banking at moneysupermarket.com, agreed, adding the firm would "always support new proposals which will provide consumers with greater protection, redress and education".
"It will be interesting to see what kind of service the Consumer Financial Education Body will offer," he added.