AIC supports plans for financial education body

The Association of Investment Companies (AIC) has reacted positively to plans for a new Consumer Financial Education Body.

Outlined in the Queen’s Speech on Wednesday (November 18th) as part of the forthcoming Financial Services Bill, the new organisation will make it easier for consumers to take action against financial institutions.

It is also expected to function as a national money guidance service and will be funded by imposing a levy on financial services firms to create a ring-fenced budget.

Acting director general of the AIC Ian Sayers suggested that the new body could help to deliver an ’effective, real and lasting financial capability programme in the UK’.

He commented: ’We are delighted that the government is moving in this direction and hope the agency will be independent both from a governance and financial perspective.’

Other terms of the Financial Services Bill will give the Financial Services Authority the power to void overly risky employment contracts at banking institutions and see the creation of a new Financial Stability Council.
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