Consumer Financial Education Body
Encyclopedia
The Consumer Financial Education Body (CFEB) was the former name for The Money Advice Service
, an independent body that promotes personal financial literacy
in the United Kingdom
.
CFEB was established by the Financial Services Authority
as required by the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2010), and came into existence on April 26, 2010. The body has a mandate from Parliament
, with all-party support, to develop consumer financial education in the UK and is responsible for enhancing the public’s understanding and knowledge of financial matters and their ability to mange their own financial affairs.
Tony Hobman was named CEO of the new organisation, taking over on May 17. Chris Pond
, Director of Financial Capability at the FSA was named a senior advisor to both CFEB and the FSA. 134 FSA staff in the FSA’s financial capability division were transferred to CFEB, located in offices at Canary Wharf
, London in its first year.
On April 4, 2011, CFEB was rebranded as the Money Advice Service.
The Money Advice Service
The Money Advice Service, is an organisation that provides money advice for consumers in the UK.The service was launched under the Money Advice Service banner in April 2011 and supersedes the Moneymadeclear-branded service provided by the Consumer Financial Education Body...
, an independent body that promotes personal financial literacy
Financial literacy
Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
CFEB was established by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
as required by the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2010), and came into existence on April 26, 2010. The body has a mandate from Parliament
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
, with all-party support, to develop consumer financial education in the UK and is responsible for enhancing the public’s understanding and knowledge of financial matters and their ability to mange their own financial affairs.
Tony Hobman was named CEO of the new organisation, taking over on May 17. Chris Pond
Chris Pond
Christopher Richard Pond, is a former Labour Party politician in the United Kingdom. He was Member of Parliament for Gravesham in Kent, from 1997 to 2005.-Early life:...
, Director of Financial Capability at the FSA was named a senior advisor to both CFEB and the FSA. 134 FSA staff in the FSA’s financial capability division were transferred to CFEB, located in offices at Canary Wharf
Canary Wharf
Canary Wharf is a major business district located in London, United Kingdom. It is one of London's two main financial centres, alongside the traditional City of London, and contains many of the UK's tallest buildings, including the second-tallest , One Canada Square...
, London in its first year.
On April 4, 2011, CFEB was rebranded as the Money Advice Service.