F1PART 1AThe Regulators
CHAPTER 3Further provisions relating to FCA and PRA
Enhancing public understanding of financial matters etc.
3SThe consumer financial education body
1
The consumer financial education body continues to have the consumer financial education function.
2
The “consumer financial education body” means the body corporate originally established by the Financial Services Authority under section 6A of this Act (as it had effect before the passing of the Financial Services Act 2012).
3
The consumer financial education function is to enhance—
a
the understanding and knowledge of members of the public of financial matters (including the UK financial system), and
b
the ability of members of the public to manage their own financial affairs.
4
The consumer financial education function includes, in particular—
a
promoting awareness of the benefits of financial planning;
b
promoting awareness of the financial advantages and disadvantages in relation to particular decisions relating to different kinds of goods or services;
c
promoting awareness of the benefits and risks associated with different kinds of financial dealing (which includes informing the FCA and other bodies of those benefits and risks);
d
the publication of educational materials or the carrying out of other educational activities;
e
the provision of information and advice to members of the public;
f
assisting members of the public with the management of debt;
g
working with other organisations which provide debt services, with a view to improving—
i
the availability to the public of those services;
ii
the quality of the services provided;
iii
consistency in the services available, in the way in which they are provided and in the advice given.
5
In subsection (4) “debt services” means debt advice or assistance with the management of debt.
6
Schedule 1A makes further provision about the consumer financial education body.
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.